Maybe it is. However, there's no direct way from a worker to a C-level. So there needs to be some kind of a selection process. Could be at least partly the reason for the existence of middle management.
So, for an individual company, it might be possible to dispose middle management. But certainly not for an entire industry.
That assumes internal promotion and selection by middle managers. For internal promotion selection by senior managers is more likely. More so for external hires.
So, for an individual company, it might be possible to dispose middle management. But certainly not for an entire industry.