I work in Fintech. On average, managers make more than their reports and heavily influence how much their reports make. Just based on levels.fyi managers earn a base of $40k over their engineering equivalent, with a higher bonus and stock margin as well (at my company). My company also doesn't position technical leaders at the same level as their manager, so technical leaders are already in an odd position when trying to represent the team. Generally I've figured out that many managers don't know what "influencing" is, so it starts to feel like "pressuring" from someone who doesn't understand the product from a technical perspective. I don't think any of this is uncommon to the larger software landscape, but certain companies may hire better managers than others.