It depends on what the product is.

Industrial production of software is as difficult as industrial productions of theorems, patents, scientific discoveries and cocktail recipes.

If the "product" is solving a real-world problem e.g. driving a robot car, than software becomes a tool, like an industrial machine.

In that case software engineering exists, and it's doing very well, and it's about building reliable systems with the smallest amount of software and complexity a possible.

Distributed systems that survive hardware failures and scale up/down automatically and machine learning are prime examples.