This whole scenario is just the logical conclusion of American anti-intellectualism. The need for intellectuals doesn't really go away, but rather we start assuming that "good at making money" = "has ideas worth listening to, on any topic." Not really surprising that many of these people are also frequent critics of academia and professors.
goes both ways. elitism exists on both ends of the spectrum. the academic side is largely the same thing except it's attained from years of schooling through certain pedagogues that tout the one true way and if you haven't been through that wringer, then your understanding doesn't count. true intellectualism, has humility and the everlasting honest pursuit for truth. neither of these extremes have this quality.
I've heard of stories of posters at conferences getting tossed out because a single "important" person on the conference committee had a problem with the author's advisor.
All that being said I don't think the rate of assholism is any different from the rate among the general population. Quite the opposite. Most of us look at those Nature moonshot labs in our depts as something of a cult lacking any semblance of work-life balance. We find most of our most compelling papers and examples of great science are not in CNS publications, but in journals niche to our field with single digit impact factors. A big part of that is reviewers for niche journals are able to actually understand the work and give a better review.