Earlier quoted context omitted.
A cynical take on your observations sometimes occurs to me, and seems pertinent. The managers set the wages. Therefore, they will be well-paid, and their contributions will readily recognized. This is simplistic and does not explain everything, but I think it is a major ingredient.
The market mostly sets the wages. Pay too low, and you'll be unable to hire anyone. There's also an upper bounds on what one person is worth. It can be a lot, and the difference in productivity between average and superstar programmers is well noted. But even a highly productive programmer has a limited value as an individual member of a team. Executives get promoted because they've proven to be able to get groups of…
Unless, you know, several high-ranked managers collude together. Like it happened with Google and Apple.