The management role is different and in most large companies is higher valued and more highly paid because they bear the brunt of whatever happens, good or bad, from their team.
Depending on the level of management and the systems involved it could also become involved in audits, regulatory matters and potentially handling confidential information for the company. Think of it this way: a manager of a team of 10 developers probably has a budget of 1.5 - 2.0 million dollars in just headcount, maybe higher. If your average developer on that team makes $100k, isn't it worth it to have the manager make about 20% more because of the responsibilities?
Depending on the level of management and the systems involved it could also become involved in audits, regulatory matters and potentially handling confidential information for the company. Think of it this way: a manager of a team of 10 developers probably has a budget of 1.5 - 2.0 million dollars in just headcount, maybe higher. If your average developer on that team makes $100k, isn't it worth it to have the manager make about 20% more because of the responsibilities?