It's kind of insane when I think about it, how at a huge tech company all of the people with a lot of experience who mostly did very well as engineers are making $400k-$2mm/year as managers while all the actual technical product (in terms of code) is being written by people with 0-15 years professional experience. Of course it's not that weird that managers make more than employees but it does seem weird that there are so few people with a lot of experience and successful careers actually working directly on the product.
Also, if engineering management paid less than engineering, I think you would mostly end up with non-technical engineering managers which doesn't sound like a very pleasant experience.
vs 2 principal engineers for the entire org up to the director.
So you can either jump over to management and be a senior manager a few years later and a director a few years after that, or you can stick around at senior engineer for another 5-10 years and maybe move up to principal.