So. See first of all its certainly not any chu**ya mini ceo job or bs like that.
Product Manager brings in new ideas and builds roadmap for future. That's a good job description, but the reality is such a description doesn't have or need too many people. So atleast in the firm I work with 70% of PMs are waste. And especially they are not skilled in any core capabilities of that product they are just dumb people in cool outfit.
It's majorly a pool of non skilled graduates (people who don't want to go in their core subject of engg or people that don't want learn software engineering either) wanting a shot at entering the tech industry just for the sake of looking cool. Better learn some coding and become a good developer of data analyst, or engineer or data scientist (MLE).
Product management might come in later