Since long-term foresight beyond the next stock buyback doesn't seem to be materially required anymore for that role anyway, I'd wager they could already be replaced by AI, and with less consequence than any other company roles.
Why do we have middle managers still, while we're replacing programmers? Really says a lot about how decisions are made, we're hierarchical monkeys at the core.
How could you ever think otherwise?
If you have only bad middle management around you then it might be time to either step up and do it better or find a different place to work, since there are places with excellent middle management.
At FAANG, good middle managers are the exception, the promotion process incentivizes different behaviors. A manager taking care of their team or, worse, pushing back on their boss isn't playing the right game.