This is absolutely spot on. CEO/C-Suite/VPs are surrounded by gatekeepers (usually something like the PMO org, program management) who feed them with garbage info. Even if a top level leader is genuinely interested in making things better, they would never know because the gatekeepers firewall any competent person.

The gatekeeping org has the highest density of incompetence. They only hire incompetent because loyalty to the person hired is the most important. Gatekeeping orgs of various leaders protect each other, there is almost never any blame, it is things are good and they are going to get better, announce xyz initiatives/projects.