Making money isn't about making the best product. Commodore proved that. It is about getting people to give you money... So yeah, maybe they are worth it.
It really depends on the company. It sounds like you were working at a B2B/enterprise company? But yeah, getting new business and/or funding is often a big part of the job. It doesn't meant they don't also make decisions - but I guess the bigger the company the fewer different roles the CEO is filling.
Schmooze is a bit of a demeaning word, isn't it? If the CEO is learning from customers and helping the organization react accordingly, that sounds very valuable.
But if schmoozing means their company gets a new big customer or their stock price goes up, they have provided value I guess. It's just not from what we consider "real" work.