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I think at least two other more significant points are hidden in this article.

1) It has led to the rampant financialization of industries. Core competencies and domain knowledge have become less important than shareholder value.

2) It has gutted middle management, thus destroying internal knowledge and a pipeline for information flow to the C-suite. Middle managers who have technical expertise can quickly understand issues as they arise and then flag them if they are serious and bring them to the notice of higher-ups. However, in their absence, bad news doesn't reach up - simply because there is no one competent at middle levels remaining more. And even if they are, they are stretched too thin. What happens then is a 737 Max or years of delayed 10nm tapeouts.

The effects of both these are visible at companies like Boeing or Intel. The downfall of both of these companies can be directly linked to the above 2 points - which, as the author points out in this article, is a side effect of C-suite consolidating power through management consulting firms and the revolving door between them.

The idea that a McKinsey alum knows more about building planes or chips than a career engineer is laughable. But, some of America's biggest companies have willingly participated in this collective hallucination now for decades.

Non-paywalled version here https://outline.com/BCNcmk