More importantly, who decides who's manager next quarter/year? I've never seen non-managers exercise much leverage on this front. Being able to determine who works with whom is a very powerful position.
Actually, I planned on writing a blog post on this at some point. I work at Hired, and we had an interview process to determine who (internally) would become the next manager. This involved three interviews with engineers, and a presentation with management.
In the "traditional" method of selecting a manager, most engineers don't get selected either. However, the process is less transparent that way.
I'm saying this as a candidate that didn't get selected. I got great actionable feedback on how to be a better leader, and I'll keep my fingers crossed when there is another opportunity available.