As a PM, I believe what you're describing is the torrent of people who used to work as "project managers" and "business analysts" who've transitioned into Product for the higher pay, without appreciating any of the differences between the roles.
IMO, the fundamental role of a PM is to make the decisions nobody else wants to (and own the consequences of them). If my team is making progress and decisions are being made, I get the fuck out of the way.
I jokingly refer to myself as the "designated scapegoat", basically meaning it's my job to tank the risk for situations where everyone is nominally in agreement about something, but nobody wants to be the person to put their hand up and own the decision because of the risk if it backfires.
IMO, the fundamental role of a PM is to make the decisions nobody else wants to (and own the consequences of them). If my team is making progress and decisions are being made, I get the fuck out of the way.
I jokingly refer to myself as the "designated scapegoat", basically meaning it's my job to tank the risk for situations where everyone is nominally in agreement about something, but nobody wants to be the person to put their hand up and own the decision because of the risk if it backfires.