There is a massive amount of work that goes on outside of writing code which contributes to the success of a project. Without strategic and tactical intelligence you're not going to get anywhere regardless of how good your devs are. In fact, the leadership and management functions are more important than engineering savvy. You can build a good product and fail, but you can also build a mediocre product and succeed. In the latter case, it's not the devs who got you there.

But yes, you're right; good managers make good hires. What's your point?