If management didn't pay well, qualified people simply wouldn't do it or you'd be limited to people who felt emotionally compensated by getting more power over other people (which is already bad enough).
Some of us enjoy helping other people. First bit of advice I give to new or would-be managers is to learn indirect gratification. Most common failure mode for new engineering managers IMO is the struggle to feel productive given that impact is achieved chiefly indirectly.
