I do think there are definitely occasions it's beyond fair to blame management for a bad call and expect consequences. One of the most blatant cases for this being well deserved, IMO, is when management makes cuts and then expects to (or does) receive bonuses for hitting budget targets. You didn't hit budget targets, you bombed and cut back so it didn't look like you failed. Another is serial mismanagement where it's not just a mistake it's a regular failure to be able to manage successfully in a typical scenario.
However, just as it doesn't make sense when people call for blood/resignation/pay cut/etc of an engineer the instant they make a costly mistake (even though some poorly run places of course will), it's not a given that a mistake in management was made therefore we need the blood of some in management. The question on consequences, in both cases, is usually "would it be expected someone else in that role is doing significantly better at avoiding these problems" not "has this employee ever made a mistake".
