In general I agree with your points. But you seem to have some gripes with "senior" engineers. I think if you left that out your points would be better. In the end it comes down to management not understanding the work and rewarding unproductive behavior. This has nothing to do with "junior" or "senior."
While I haven't personally worked at such a company, I've observed some "toxic" workplaces and found that typically it is, in fact, the senior staff who are the biggest part of the problem.
Only certain types of people achieve seniority in a toxic organization, and they are typically those who (deliberately or incidentally) benefit from the culture that everyone else hates. They build a clique and try to build influence while the new hires -- who actually care about doing things well -- turn over every 3 months.
This is all anecdotal, of course, but I do think that in an engineering-hostile organization, the senior staff should typically take the brunt of the blame (just as in a successful organization they would take the lion's share of the credit).
It's not seniority per se (I count as senior), it's people with long tenure. If, as a developer, you've had a long tenure in an organization with bad code that's usually a bad sign.
