in my workplaces bosses have usually given token gifts to staff (eg. 3 pack of nice choccies). I don't think I have seen anyone give a boss a pressie from all the staff. I think individuals could do it for their bosses but like you, i don't see a reason for it to be organised as a group. I gave one to my boss this year as she is new and I have appreciated teh support she has given me. Normally woudn't give the boss anything.
I am totally with you on your thougths