I have seen too many very senior engineers in the company that is more of a testing engineer nowadays, they do well in analyzing the issue at certain level, document them etc, but they're unable to fix anything that is deep and really complicated in a new code base that is huge(e.g. linux kernel, android framework), each meeting I kept hearing "I know exactly where the problem is..." but after many weeks there is still no fix, or the fix broke more things that it fixed.
A few weeks later a junior guy(not fresh-out though) came in and dove in and dug in then fixed it in a few days.
Senior developer means a lot only if you keep learning, keep coding, resharpen all your skill daily, and stay current. Otherwise, the title is a big negative to many companies, as the performance to price ration is totally unjustified.