This is something our industry needs to fix. I've turned down promotions so many times because they amounted to moving from coding to pastoral care. Which is bizarre - it's like a surgeon being offered a promotion to work in HR.
Many companies do have an individual contributor track, and that's a big factor in where I choose to work, but way too many companies seem to think it's all kinda the same thing.
(To be clear: none of this is neglecting the importance of, or talent involved in, managing people. Bringing out people's potential requires tremendous skill, which I don't have, and that's why I won't do it.)