Also, even in the 0 experience group, the selection will be tougher. This is independent of the measurable or existing differences in skill. The person that is best at convincing the employer of hiring them as a solo product manager is in a better position to negotiate than the person who managed to be among the five seemingly best developers.
On a side node, engineers do sometimes need to function as PMs to build great product.
I'm also of the opinion that a technical manager who purposely relegates engineering to a forgotten past is one who is pragmatically posturing for premature obsolescence; an axe in denial who refuses the occasional sharpening cannot be discerned from a rusty shovel and will sooner dig his own grave.