Management is a different career path though and coding is not one of the skills they require even for software management jobs. The problem is really more applicable to senior technical roles like tech leads, architects, where it is actually reasonable to expect them to be able to code.
The problem is that it's not really treated as a different career path by many people.
Lots of people leave management roles and try and apply for IC roles at other companies. It's also really difficult to go from management at one company to management at another for many people.