The may be often useless to people under them, but that's irrelevant for company itself. Owners look from very different perspective than bottom employees, and companies have a single purpose - make money to the owners, academic discussions be damned.

Should each owner run around and tell each employee globally how to do their job, what is the goal, budget, restrictions, rules, timelines etc? This is a massive vacuum that needs to be filled, and managers fill it. Some better, some worse, just like any other profession.

Generally weird article to be polite, probably put together in a haste to give benefit of a doubt to the author.