Is there a kind of management nobility where you work?

So I’ve worked with my current boss for quite a long time. Long enough to really get a sense of what they actually do. And I’ve come to the conclusion that... they don’t really do anything that any kind of commercially-minded person would actually need to pay for. And I work in a for-profit business. I’m probably on half their salary, and yet I can’t point to a single thing they do particularly well. They’re not a specialist, they don’t lead with any real flair, and honestly, I tend to end up getting them out of scrapes. So how did they end up in this position? My theory: they’re a boomer who came of age at a time when no one could really tell if you were actually any good at your job. There wasn’t the same level of visibility, metrics, or accountability that we have now. Also, my field is legendarily easy to blag in if you get in early and know the right people. Essentially, if you are appointed to lead a team, you just get to take their credit. It got me thinking: are there a whole load of people in companies who are essentially like the old-school nobility? Not born into power, maybe, but who’ve sort of acquired status and seniority over time without needing to back it up with actual competence? I don’t want to assume too much about others in the company, because I don’t know all the details of their roles. But it’s hard not to notice how many people seem to be doing very little, while holding big titles and salaries. Do you see this where you work?