Deciding direction is also just work. Why does the reward for that kind of work have to be ownership over the work other people do? An architect makes decisions about a building, a doctor makes decisions about treatments, a developer makes decisions about software architecture without needing to own the resulting building, patient or software, and they usually try to do their best.

As long as there is some link between the quality of work you do and the rewards you get, people will in most cases try their best. Allocation of capital is no different, and in my opinion should not be treated differently. Giving capital allocators ownership/percentage of the work others do is too much, and leads to unnecessary centralization of power.