I agree with you in general. However, my specific experience with this comes from working at one of those massive tech companies. And there are definitely orgs within the company that fall under the "MBA-types-running-the-show" umbrella, but, I think, I just got very lucky with my org.
Yeah, the experience probably varies a ton across the industry and even within orgs. I'm sure most people around here who've been in tech for a while can tell stories about both types of company.