I have been a swe for most of my life then transitioned into a manager (corporate and small/mid startups) for a while and am a director now (scaleup unicorn).
The politics is something that always bothers me, the higher you get in the ladder, the more people are obsessed by "just following the process", and there's always so many inefficient processes that are applied in environments that definitely do not require such overkill, but make people feel like they are "doing the right thing" by following as many processes as possible - if you follow the rules you don't have to think.
Hours and hours of group meetings (that definitely could have been a slack message, with better outcomes), so many reports no one read, different and often incompatible styles of management, a complete switch from trust-and-ownership to micromanagement from upper management.
But the thing that always bothered me the most is being in the middle between the people you care about (your team) and the people that tell you to do things because they can't be bothered actually doing them (upper management).
I still miss those days where I could put my headphones on and code, solve real problems with my team, ideate and create and focus on the user, not on "making the machine run".