Both. People who are promoted to management because they are good individual contributors are often lacking in management skills (they turn from something they are good at to something they are bad at), and people who crave and hard pursue management positions rarely have management skills (always bad).

It’s not new. The Dutch East India Company was for all practical purposes in control of the Dutch government for decades, and did horrific things in countries around the world to great profit. Closer to home, “banana republic” was a real thing.

It’s disappointing it’s still so prevalent in the current day.