The theory seems to be that all these companies work only because of their engineers. Management is just useless. They are just "people with suits, that memorize buzz words take credit for the work of others".
With all such incompetent people in high position, one has to wonder how these companies seem to survive for so long.
Maybe, just maybe, they are not so incompetent and raise to those positions because of merits. Maybe engineering skils are not the only needed ones.
It seems to me that this culture is just based on resentment for the people that are higher in a hierarchy. From this point of view, the only way to feel good is to disparage them and assume they are there only because of the "corruption of the system".