The value of that kind of role is that the person interfacing with the bureaucracy and the business hierarchy and its many demands
also actually does the technical work and knows things about what they are working on.
Without it, nobody on the management side of things actually writes any code, or has first-hand experience with working on the product. The line managers just end up as a go-between between the workers and their directors, because they only know what their reports tell them. They don't know much for themselves.
You can't quantify this sort of loss on an earnings report, but among many other things, it does a great job of diluting ownership of the product away from the teams working on it.