I worked closely with a few during my career in a few companies. It is a retirement plan of people who neither can nor want to perform after they "put in time". These days as someone who gets to give my couple of cents to folks in the upper echelons of promising companies I tell the newly minted CTOs to either not hire them or if they are already hired, fire them.
Staff engineer and above = 45 year old soccer player bench warmer getting the pay 22 year old striker.
Staff engineer and above = 45 year old soccer player bench warmer getting the pay 22 year old striker.