I'm more inclined to believe management is dysfunctional more than it's actually functional. The real question is how dysfunctional is it?
I realize this is a cynical take, but management is largely about power and control than it is about furthering the business. RTO is a great example of this.
Here are some examples I've encountered over the years.
One manager used her directs as a dating pool.
Another one purposely hired a bad engineer because of stack ranking so they could protect the good engineers.