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I believe that can be said for any role that has the power to approve or disapprove creative work. It's subjective. I wonder what amount of work that never gets sold through would have actually been picked.
http://theinspirationroom.com/daily/design/2009/4/career_advertising_evolution_copywriter.jpg
^true but the CCO controls everything as opposed to a GCD that only controls one or two accounts
^^ very on point visual assessment of this question ^^
A good CCO trusts their ECDs and CDs. They hire them. They also have the high level convos with the client CEOs, etc and may be able to block sensitivities they don't want public. They are also ultimately responsible for the agencies brand, which is super important. I do think the position has a place at agencies that need this level of leadership.