As a manager you deal with people. As an IC you also deal with people but to a smaller degree. If you can handle dealing with people you stand to make more money. It’s a job.
Luckily management is not the requirement for more money nowadays.
Most Staff/Principle and even Senior engineers are on equal footing (and often more) with managers in terms of salary.
As an engineer on those level you are also mostly dealing with how to align a huge group of people - you are just not required with hiring, compensation, etc.
At least in my country.