It's not.

Engineers are having more and more minutia and busy work taken off their plate, now done by AI. That allows them to be heads up more often, more of their cognitive capacity is directed towards strategy, design, quality.

Meanwhile, users are building more and more of their own tools in house. Why pay someone when you can vibe code a working solution in a few minutes?

So product managers are getting squeezed out by smarter people below them moving into their cognitive space and being better at solving the problems they were supposed to be solving. And users moving into their space by taking low hanging fruit away from them. No more month long discussions about where to put the chart and what color it should be. The user made their own dashboard and it calls into the API. What API? The one the PM doesn't understand and a single engineer maintains with the help of several LLMs.

If it's simple and easy: the user took it over, if it's complex: it's going to the smartest person in the room. That has never been the PM.