Promotions are just titles, you do the exact same thing as someone in a lower position. Promotion is also not based on merit, but tenure.
Management "wants to hear directly from the ground" but are not ready to face reality and are really delusional.
Wont thrive if you want to make actual changes. They are not ready to receive it. But will excel if you are a Yes Man and go along with everything they want.
Bonus is pretty sad too. They always aim to guilt trip you by saying things like "at least there is some bonus".