In what way is it a myth? I've definitely worked with people who where without a doubt dead wood, but I agree that it's absolutely obvious to everyone who they are.

I don't agree that it's obvious. Smart people who aren't motivated can be pretty good at pretending to be productive. I've worked with a guy who hand waves everything even slightly technical, doesn't know what version control is, and generally has no real insights.

But it seems I'm in minority. He has a phd and is presented as the brains of the company. Due to historical chance he's also held important sounding titles. He acts friendly, too.