some of the other administrators took my habits to heart. At the university where I was dean, I noticed that my first provost and that the president started doing the same thing, just walking around chatting with people.
Without this earned authority (that is, authority beyond title), you lose a lot more than you gain. Employees who work from fear will lose the will to put in extra effort, and confidence to suggest how to improve processes. Employees who are truly talented are more likely to leave for a position with leaders that make them feel respected, leaving the boss with the worst employees (which was actively occurring with the previously discussed boss).
Americans love scandal, they love to see people fail, and are far quicker to believe the dirt than they are the truth. If there's nothing scandalous, then they're ready to believe the first person because it's easier than looking for the truth.
The most important difference might well be behavior. A leader models the desired behavior, a boss will not. This leads to an interesting truth. Anybody can be a leader whether or not they hold the title.