It wasn't like this before fads like XP, Agile, Scrum etc. and micro-management became mainstream. Most of the current management done by PMs and their ilk can be easily categorized under "Bullshit Jobs" (https://strikemag.org/bullshit-jobs). The problem is that once somebody has codified their experience under a catchy title and started marketing it, people blindly follow it without understanding its context and applicability. Given that the barrier to entry to these sort of positions are so low (you can become a PM without any sort of domain knowledge!) people who might not cut it as Engineers seek these jobs to boost their pay, power and egos.
PS: The above might come across as a little harsh but unfortunately is the reality for most Engineers.