I was a IC/manager for a few months. Spending all day in meetings (there are actual things you have to do to manage 15+ people) and then going home and coding for 2-3 hours every night burned me the hell out and I left that company, good riddance to bad rubbish.

Companies above a certain scale- let's use Dunbar's Number as a good threshold- need full time managers to handle the necessary information flow through the company. Middle-manager is actually something that AI can't do yet, because their main job is to figure out what things everyone else around them needs to know (inside and outside their team), which requires a theory of mind that current LLM's just don't have. Is this policy change worth telling your team about? Is this feature creep worth telling other teams about? That is the decision that managers have to make dozens of times a day, and it requires a model of what various people know, to know whether this is important to them or not.