Actually, there's something to be said for that.
If people 'managing' are actually people like Scrum Masters, Business Owners and Business SME's, it makes sense to have those people. Actual managers, less important. But the three I listed?
Measure twice and cut once.
I'm a certified scrum master, but that doesn't take away from being a project lead and primary contributor to the code base. It's a one-of-many-hats responsibility. On other projects, I've been charged with building the "golden master" VM image and doing a full STIG lockdown for DSS inspection prior to IATO. There is no reason to be pigeon-holed with a narrow set of skills. I'm as comfortable writing real-time UNIX kernel communications code and being a principal investigator tracking budget burn rates and interacting with my customer. Meeting the needs of my customer and management matters.