I don't think that's actually a terrible thing. Some people are better at refining others' plans and then implementing; others are great big-picture or ducks-in-a-row planners. There should be multiple tracks for different skillset buckets. But to say they're equivalent isn't really true.
While a PE is probably not /asking/ for Director approval on their decisions, I would say they do have the power to create almost as much business impact by making good or bad decisions in their work -- both formal decisions about things like architecture, stack choices, etc as well as informal decisions like how they treat their teammates, who they recommend for hire, etc. The old trope of "the old greybeard in the corner who won't let us do anything" comes to mind.