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Leadership is undoubtedly important and good leadership even more so, but why do you bring singularity ("one person can only do so much work")? Experts work in teams too. Is there some kind of connotation with expertise that leads you (or people) to believe that is something which cannot be brought into a team?
That is true, but isn't the ability of the team members important too? For example, if you have a team of juniors, you can get to a goal, however the question is in what state. And if the leader is just a leader but doesn't have understanding of the sector, why should their leadership be valued more than that of the team members who do?
As for force multipliers, experts can be force multipliers too. An expert that helps out and resolves (or even prevents) tricky situations for fellow team members (or the entire team) can improve team cohesion and productivity. Experts also often have an educative role in the team to spread knowledge and understanding. That seems to be valued less, and I don't understand why.
All your examples involve teams, and teams don't typically happen without some form of leadership from someone. An expert without leadership skills will be far less effective at building a team around them than someone with the expertise and the leadership skills.
The expert your describing in your last paragragh IS a leader. If they aren't being compensated as such, thats just them being exploited, and they need to advocate for more appropriate compensation.
Are you just unlucky in your experiences? Expert team leads can absolutely make as much as managers.
But there’s a convergence as you spend more and more time making decisions and directing others that you will effectively be a manager.
I used to scoff at the idea of "leaders" until I experienced good leadership and learned the difference between lead and manage.
I suspect a lot of people here think they mean the same thing.
Leadership takes effort and focus.
Having worked in orgs where everyone is expected to lead at different times, I can tell you that leading takes effort and focus - that's effort and focus that's not spent on your area of expertise.
Good leaders spend all their effort on making a team work better - no different than a good coach.