It is not the layers of management that is the problem, it is the quality of management. While great engineers mind their own business and deliver great products, the people that are not great engineers manage their way into management. They are more and more incompetent and corrupt and this is killing the companies, slowly or not that slow. So it is incompetent and corrupt management, not too much management.
If they are moving into management and causing more harm than benefit, then isn't that by definition too much management? Said another way, not having that manager would make things better, all else being equal.