I agree, but to add: visibility goes waaaay beyond self-marketing.
I saw a situation just like the one you mention recently: guy burned out, broken inside, working way too much, but not being noticed at all.
Execs were basically claiming he didn't do a certain long-term task and that "nothing was delivered".
The problem is, there was a public Slack group for visibility with evidence of the task, artifacts of the task, plus relentless requests by a certain person that he deletes the data in there. This person is the same one who went around claiming he didn't deliver anything, a narrative that was bought by execs.
After presenting the evidence and being shown the artifacts in a meeting, no exec accepted reality, no exec walked back, and just shrugged off with "it's too hard for you to understand".
Half of this business is not really doing much work, and a big chunk of those are psychopaths that depend on throwing people under the bus to survive.