I worked, until recently, as a "Student Affairs Administrator" and I see a very similar problem in my own field. Much like Education, Student Affairs/Higher Ed Admin seems to attract those individuals who we might all call "nice but not very bright." They're not, by any means dumb, but they're not the most analytical minds on the planet either. A big part of their job involves thinking through problems, which they are often not equipped to do by the education they've received.
Like K-12 teaching programs, their graduate program does not actually prepare them by teaching them things relevant to actually doing their jobs. Many Student Affairs Administrators spend a great deal of time supervising students, and yet they never take a class on supervision or discuss the best methods for supervising their population, much like many education programs do not focus on strategies that actually improve classroom management.
Both fields share similar philosophies (frakking Dewey and his sloppy Positivism). I've given some consideration to becoming a teacher. I enrolled in a teacher preparation program only to be disgusted by the curriculum and the "push everyone through" attitude displayed by many in my cohort. Only one of the professors I took a course with actually had any experience as a classroom teacher.
Much like in Student Affairs, it's not the money. It's not even necessarily the pool of talent; it's the philosophical underpinnings of the field. "Caring and sharing" and "Everybody's a winner" are the mantras that these fields live by.