This is certainly a factor, but there is something else about software engineering that plays into it too.
Let me ask you, as a Lawyer and a Professional, would you find it a little ridiculous and unethical if you were working for a law firm where your direct superior was not a licensed attorney and never passed the Bar exam?
Because this is perfectly normal and acceptable in my profession. Software engineering as a discipline and a profession is in sore need of a professional union and accreditation organization that is industry accepted universally. Standards need to be created and agreed upon and a code of ethics must be formulated.
Medical professionals, lawyers, accountants, and other engineering disciplines all have these concepts, yet we tolerate this bizarre arrangement where business owners, investors, MBA holders, and project managers lord over software engineers as if they are on an assembly line, and the result is a reprehensible track record of project failure rates.
I have been a proponent for the professionalization of software engineering as the way we can turn things around in this industry once and for all.