This is the key message in my opinion. I've worked with wonderful software developers who can accomplish far more than others (as well as a few who are a net drain on the team.) The key is to craft an organization that allows anyone with a minimum skillset to be successful. At least on the team that I'm currently in, this means a well-defined organization with clearly defined limits of what they should and should not do. This is with respect to customers and also internally.

If this were true then software engineering jobs would have all already been offshored.

Software is much closer to a competitive race where small improvements in ability give completely outsized returns.

You're both right, but in different contexts.

And who leads and sets the vision. A committee of “average” engineers?

I want to believe, but has anymore ever worked at such great organization?

I have twice, but it's always huge companies ($billions and 100k employees) who has an established business, and some kind of monopoly which could not threaten the survival of the company.

And to achieve this the organization only requires exceptional leaders...