After being drafted into Engineering Management from 3 IC roles in a row, I decided to jump in with enthusiasm. My primary motivation is that I've had bad engineering managers and a couple of great ones and I want to be like the great ones.
Along the way I have studied a lot about how to manage people in a positive way. I learned coaching and that has helped me help others grow in their career which I find very rewarding!
As an engineering leader I have 2 primary goals: 1. Enable the team to deliver top quality work. 2. Do everything I can to make this a great place to be a software engineer. I filter every decision I make with these goals. If doesn't move us closer to both of them then its probably not the right decision.
I do miss full time coding but I have hobby projects and I do monthly games and challenges with the team with the goal of all of us having fun while learning something useful and/or interesting.
Honestly, it's a completely different job as an Engineering Manager vs being an IC. What you give up is replaced by what you gain. If you like helping people be their best and achieve big things, it can be very rewarding.