Earlier quoted context omitted.
It is bad, because the managers take the bulk of the credit and reward, rather than those that actually do stuff.
You say that like it's a bad thing. Obviously a manager didn't do everything, and no executive would think they did. What they know though, is the manager hired the team that worked together and delivered the appropriate solution. If you want credit from the executives, you should become a manager and manage expectations and deliverables.
"You say that like it's a bad thing."
Because it is a bad thing.