Management skills and coding skills are completely unrelated. This is a businessman's idea of advancement, moving up the org chart means that you have people who report to you.
I was a tech lead for a few months. I hated every minute of it. In retrospect I needed to fire all of them, they were incompetent or rebellious but all I could do was agonize over whether I was being fair.
At Microsoft this was extended all the way to returning to university and getting an MBA, which for someone who liked solving technical problems felt like being buried alive. Give them credit, though, it only took them 20 fucking years to figure out that not everyone wanted to wear a suit and spend every day all day in meetings.