The reality is engineers need money but they prefer manipulating machines to people, so the business people take care of the unpleasant wetware programming and not coincidentally take the bulk of the profits.

it'd be far easier for a smaller group of engineers to build an AI powered CEO/C-suite that generates the regulatory filings etc. but does all human interaction over zoom or by phone. This would require a bit of work to pull off and would probably be denounced as horribly illegal, but I'm not convinced it would do a worse job than the median C-suite.