Welcome to the last decade of title inflation. Everyone is a "manager" now. A "marketing manager", "product manager", "account manager". No more secretary, it's "executive assistant". It's a perk a company can offer, conferring higher status, at no expense to themselves. So the equilibrium is for other companies to do the same, otherwise the company that gives this cost-free perk outcompetes for talent.

People are graduating watered-down educations, earning inflated cash, with inflated titles. It all helps people believe they're higher status, that they have a university degree and are a manager earning $80k, surely they're getting close to the top of the totem pole now. But they have a worse standard of living and education equivalent to high school in the '60s.