Show me one company that can accurately measure value created. It's the holy grail of management in software engineering. Anyway, in such a company you as a software engineer could be able to work (say) only 30h/week, so there's no overtime problem.
Many, many Fortune 500 companies still have plenty of old guard managers that think that hours spent is the most important metric out there. They are the same ones that can't grasp how to manage team members they can't see/touch.