If one is intent upon asking that question, then it depends upon where you look. Leadership may suck, or it may not. What lens are you looking through? If leadership sucks, what does that say about those being led? When leadership "sucks," it can be due to outdated leadership models that haven't worked for millennia; or to "followers" who want someone to make all the decisions, much as a parent. As example, too many of us expect our political leaders to fix problems while we sit back.
I wonder if asking the question "Does most leadership suck?" is relevant. Does it move us forward? What needs to be asked instead?
If I bring this down to the personal level, maybe I can contribute more of my take. Whatever we call this notion of "leadership," I believe it must create synergy with the "followers." It's interactive, not dictatorial (military excluded here).
Last summer during a 5-day personal development seminar, I was part of a large group of people climbing a tough peak out in the Canadian Rockies. I found myself a part of a small group of women who had never hiked up a mountain as I had. Without forethought, I found myself "leading" this group up the peak. We had a time limit to get up and back.
Calling myself the "bitch with compassion," I pushed the women to go beyond their limits, but with a lot of encouragement. I could do this because I had their "buy in" - they all wanted to make it up and back. That common desire created the synergy for us to achieve this goal as a team within the time frame. Later they individually expressed gratitude and appreciation for the "leadership" I provided that allowed them to achieve this "first time" experience.
Right now I'm involved in a "co-creative" experience of leading. A few months ago I identified a need within myself to meet on a regular basis with other women real estate investors. I put out a call and many women investors responded. We meet bi-weekly. I've created enough structure to get the group off the ground, and use a light hand in facilitating in the background to keep the group going. The group has grown and jelled in a very co-creative way, with enormous energy, ideas, and brainstorming. This group has really been, and continues to be, a co-creative one.
Rather than ask if leadership sucks, why not ask how we can promote creatorship? Barbara Sliter of Creatorship devotes her blog to this theme. You'll find her post on responding to John McKenna's question articulate and right on.