Why is this a job that pays well?

Pretty sure this is a troll post, but whatever. 

If you think all consultants do is PowerPoint & Excel, then you're really just misunderstanding the entirety of the field. Consulting can be disaggregated into its different components including strategy consulting, operations consulting, data & analytics consulting, enterprise IT, human resource, investment & private equity, supply chain, customer strategy, and many, many other sub-types that vary on two key aspects: function of the work performed and domain of the industry. 

Much of the time, the function of work performed will mirror an industry role and can be delivered to a client from an advisory capacity or a team augmentation. In this sense, it's very similar to you working directly for the client since you're working on the client's project and with the client's contacts. The functional work itself can be very technical in nature: there are product managers, UI/UX specialists, data scientists and data analysts that work at consulting firms to aid in requirements gathering for user stories, primary stakeholder interviews or secondary research, analysis of primary data received from the client party, and ultimately, summing up the result of all of that in a series of deliverables, one of which will ultimately be a PowerPoint. 

Is it "not intellectually stimulating"? Well, it depends on who you ask. I don't know about you, but I have no desire to seek out a PhD or an advanced medical degree, I actually suck at coding and would be far too frustrated to enjoy the work as a software or data engineer and I also dislike many other business professions (marketing, human resource, law). 

"Don't you get paid too much for it?" See, now you could argue that school teachers or nurses should be paid far more than what they earn for the value they give to society, as compared to investment bankers, management consultants and other professionls advisory individuals who may work comparable hours and earn 2-3x times the salary. I'd say trying to go around different fields looking at the pay disparity is not going to yield anything outside of maybe envy for that top 0.01% of L7 tech bros earning $1.5m or rainmaking MDs earning ~$2-3m. Consulting is a business, as any other, they hire top talent from highly competitive undergraduate programs and MBAs, they compensate the long hours (50-60 hrs) with competitive salaries that clients are willing to pay for. If you're looking to dissect anything further from the pay standpoint, be my guest. 

On the final note of the supervisors or bosses being pretty bad - well, I don't know who you worked for, but the folks I met are great. You'll run into egotistic bosses every now and then in any field and profession. Thinking the field of consulting is the root cause is just not how any of this works. Some fields do attract more bad bosses *cough* iB *cough*, but others can probably vouch that it's often specific to the team or individual rather an a generalization.