Same thing in engineering. Over the years at Boeing, I worked with several folks who had previously been managers. Pay's better, stock options, but no paid overtime plus potential for undesired transfers plus having to fight the bureaucratic nonsense of such a big company. I ended up being the lead engineer for one of my ex-managers. He was cool, though, and we got on just fine.
You wonder how much of the military "up or out" mentality infects jobs like airline pilots, cops, firefighters, etc. Never had ANY urge to move up to management, was happy with my engineering work.
Ron "I'm just sitting here watching the wheels go round and round" Wanttaja