> ...unless the org is completely dysfunctional they are responsible for the ultimate deliverables.
This is true in theory if everyone has perfect knowledge. In practice I've never seen it play out. A large part of management is framing (i.e. playing off imperfect knowledge). It happens before and after success or failure is decided. Smart managers commit, but frame their responsibilities or outcomes in favorable terms. They find ways to de-risk. They publicly share risky deliverables with other teams or increase scope to push decision making up the ladder. They commit to only what their team can slam dunk. They make sure to only lead rockstar teams (this is huge). They cherry pick metrics to make failure look reasonable and success look incredible. They leave before major failures are realized or hand failures off before they sour. Remember: In large human systems, feedback cycles can easily take years.
It's a game and there's lots of clever ways to play. But the only way to lose is to publicly accept loss. When you do, it's very honorable and moving. But I've never seen the hit to perceived competency offset by perceived integrity. Because at the end of the day, companies make money. There's no company metric for honor. It's politics, whether we choose to see it or not doesn't really matter. For an extreme example, take a look at the presidency. Incumbent presidents lose in election year recessions. Period. Never mind most economic crises are a decade or so in the making.
People in aggregate are much simpler than we like to think. And so leadership is much more sleight of hand than our nobler ideals would have us believe.