They see themselves as a cool start up but unfortunately they have long since moved past that phase and not realised it. As such they have none of the processes or proper direct as required for a company of this size. Instead of fixing problems they are chasing the next big thing and suffering for it.
Whilst they have a clear document on the routes you can take for promotion (which splits into management and individual contributor), once you get high enough in the company it doesn't really matter as everyone is eventually expected to manage. This has lead to people that have no skill for management being moved into roles they are completely not suited for. You should hope you don't get one of these "managers" as your career will suffer for it