I think many developers (not just coders, but in general technical people who make the actual product, designers, engineers, ...) feel there is an unfair primacy of managers / business people over developers / technical people. This is even reflected in the job descriptions: I hate the term "individual contributor" for example, it implies replacability and that non-ICs (managers) contribute more than one person.
Not every company has "bullshit" managers and for sure some developers are delusional. But these bullshit managers exist, and I believe this happens when you put people who are far away from making the product in charge. If the managers and executives are not intimately familiar with the product and the customers, then the product becomes some interchangable thing that you hustle. This can be disastrous for the work climate but also for the success of the company.