"Pay/bonus should be directly proportional to the revenue you generate" (for front office roles) To what extent do you guys agree?

You need the back and middle offices, guys. You do not know the law and will inevitably get buttfucked when you try to eyeball compliance -- or if, god forbid, a LOB/unit is actively acting in illegal ways such as in the case of 1MDB; the risk function is to be treated as a joke at your own peril, ask Credit Suisse if you think this is a joke too; HR is a non-negotiable function in a business, etc. That's just the surface level stuff. There are an army of BO & MO roles that don't even get discussed on this site that keep the lights on at GS & Co. 

Beyond that, juniors are responsible for ~0% of revenue generation whereas senior FO personnel are responsible for ~100%. Juniors, however, 1) eventually become seniors and 2) are required for seniors to perform their revenue generating functions notwithstanding the other supporting functions of the wider firm. So overweighting pay to senior FO personnel at the expense of BO/MO & juniors results in a weaker platform for seniors; which results in less pay in their pocket, etc. 

The idea itself might be part of what's created the current economic status quo in finance, but always reveals itself to be stupid when it gets to be pushed too far. Which, imo, isn't even very far.