My views on the merits of having a technical track align with those of many people in our industry. Management is a different job, with different skills. They’re not necessarily more difficult skills, they’re just different. By and large they’re unrelated to the day-to-day labor of the people who build technology products.
It doesn’t make any sense to divert your technical talent into a discipline where they will need to stop doing technical work. (That’s in the event that they intend to be effective managers, which I concede might be an unrealistic expectation.)
Other people have made this case, so I’ll just proceed as if we agree that there must be a way forward for people that are great programmers other than to simply graduate into not programming at all.