The issue is who should one prove the culpability to? As long as the board of directors agree that CEO earned the credit for all things good, he/she will get a fat bonus. For culpability, it is the jury/judge, where things are quite strict; otherwise, it is very easy to convict.
Yup, when the company succeeds or does something good, it's the CEO's excellent leadership. When the company fails or does something bad, the culpability gets spread vaguely over the entire company.