I think it does but both ways tbh. A lot of the times they exist because people think managements job is to have meetings, like people think a developer's job is to write code. We are well aware that both of these job's have far more than this, but these are easy things to track and if a software guy is writing code, people assume that is productive and it is often the same for management having meetings.

It 'can'(strong emphasis) also give the manager a sense of importance and power or control through micro-management. The key is that the manager should be able to realise when the stand-up is not needed or has done its job on a particular day and end the meeting early, or adjust frequency based on how everything is progressing. That is the manager should side-line the ego and put the function of the meeting over their own feelings of control or power.