Why does it seem there are dozens of executive producers for a show?

My favorite example is the TV show First Wave, running on Scifi from 1998-2001. Every episode cut to black with the text:

Executive Producer: Francis Ford Coppola

Whoa, really? Wow.

No, not really. His involvement was almost zero. Like, he may have paid some money, but did only one other thing. What was it?

He looked at audition tapes and identified Sebastian Spence, the actor who they chose to be the lead in the show. Coppola has a great eye for talent and the truth is that Sebastian Spence is a great actor.

However, Coppola got his name first in the credits for all 65 episodes of the show having done nothing creative other than that one decision.

He’s probably, almost certainly, never seen the show.