> Is it this MBA idea that management itself is a profession

I don't think that you can take somebody with a finance background, take them straight out of their MBA, and drop them in an EM position. That's a bad fit. Good EMs need to come from software engineering backgrounds, mostly for the reasons you cite.

But management truly is a different profession with a different set of skills and a different set of challenges.

Even on the IC track, there's languages and frameworks that I touched early in my career (e.g. Java/Spring) and haven't touched in, I don't know, a decade, and I have not been keeping up with whatever is most recent best practice there. If I were to go into an IC role for one of those frameworks, I might as well be going into an IC role for a language I haven't learned before, ever. I expect someone who has been working with that language on a daily basis to really, really know it - having the standard library practically memorized, knowing common pitfalls, doing a lot of stuff from muscle memory, someone who you give them a PR that "looks OK" and they start reading and immediately can say "well that's just not even remotely idiomatic".

EMs are almost guaranteed to lose that touch because their day job is talking to people, not writing code. That's not to say that they couldn't go back to the IC track and start to sharpen those skills again, but EMs with FOMO who try to stay in the code are spending that time not talking to people. The lack of focus makes them bad EMs.