Most PMs don't have the chops and just enjoy a job thats less grunt-worky. They usually don't have a choice. I seriously doubt anyone with real programming chops would be happy being an overseer rather than an architect.
I've worked with several PMs who had technical chops.
Note that not everyone who has the chops necessarily love programming. Also, as others pointed out, in many companies a PM earns more than any technical person.
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Most PMs don't have the chops and just enjoy a job thats less grunt-worky. They usually don't have a choice. I seriously doubt anyone with real programming chops would be happy being an overseer rather than an architect.
I've worked with several PMs who had technical chops.
Note that not everyone who has the chops necessarily love programming. Also, as others pointed out, in many companies a PM earns more than any technical person.