https://blogs.scientificamerican.com/observations/how-to-resist-the-lure-of-overconfidence/

Confidence is arguably one of the most highly rated leadership virtues. But too much of it can be catastrophic, particularly when it comes to judgment and decision-making. Research has found that overconfident leaders can have a negative impact on organizational performance, leading to everything from introducing risky products that are unlikely to be successful to poor decisions about mergers and acquisitions. The foremost thought leader in decision-making, Daniel Kahneman, singles out overconfidence as the bias he would eliminate if he "had a magic wand."

Despite these findings, overconfident people attain higher social status and are viewed as more competent, allowing them to reap the reputational benefits. "Confidence makes individuals appear more competent in the eyes of others, even when that confidence is unjustified and unwarranted," says Cameron Anderson from the Haas School of Management at the University of California, Berkeley. Overconfidence undeniably wields a great deal of influence.