The current resource allocation models mostly stem from non-software industries, especially in financial planning and budgeting. As the result, the fit is not always perfect. Working in software for a little over 10 years, I'd say of projects that should not have been undertaking by companies I worked for or should not have been undertaking by core developers, 90% would have had a lot of trouble attracting people wit…
Agreed - but I have thought for a few years that management as a career and a well remunerated one is coming to a close - one of the main drivers for me to get "back" to coding
PMs, like many other enablers/facilitators, are there to weed-out noise and make sure the team is always in the know on the relevant context and insights. When things go badly, strong PMs provide cover for the engineers to work through the storm and continuously synthesize all forms of feedback to ensure engineers have proper situational awareness and facts to make sound decisions, but not thrash in response to whatever strife might be out there.
There are other "managerial" type professions that have a place and make things better. All good managers know how to resolve conflict and make sure the team knows about any land mines, but also knows when to get out of the way and let people work. Individual development is also the job of the manager.