The reality is that once you reach a high enough level, your worth can be justified in smaller windows of time. The higher your role, the more impact your decisions have, and the more money small (but important) decisions can generate.

Think of a dev paid $250k/yr that comes up with a clever database scheme that saves the company $5m/yr in cloud costs. If nothing else, the company is in the green for years on that investment in that dev even if the dev just piddle paddles along with small fixes 99% of the time.

The part that sucks though is the general optics of these positions. Humans just instinctively want to correlate high pay with high busy work load, rather than high pay with high impact, which is how it actually works.