Dead on. Worse, in my experience, is that the only people who become managers are the people who want it the most. It's a system that seems almost purpose-built to promote douchebaggery.
I almost think we have the wrong idea in paying managers so well, because I like the public-servant model seen in democratic-republican governments better than this antiquated overseer-nobility nonsense. Granted, we still have narcissistic politicians out there, but they aren't nearly as bad as the corporate executives.
Luckily companies who follow that path will eventually implode and be replaced by others who can only hope to survive long enough to follow the same path.
It's still not going to stop the macroeconomic entropy that will eventually see Valve and Github die like every other company. Things fall apart.