The name is meaningless and what you say is 100% untrue in my experience across banking, telco, government, retail, car manufacturers, insurance or energy distribution.

In same vein say Vice President in banks is no (vice) president of anything, just above Assistant VP (who is not assistant to anyone). Meaningless words on their own.

I guess its down to ego game - nobody ambitious would like to be called ie 'low manager' or 'assistant manager', that sounds like proper secretary position.