I think product-led is not simply ensuring you have product-market fit, or whether you're satisfying the needs of users. It goes further than that. It's to ensure every step/detail of your product is built to encourage people to want to recommend it, or talk about it. Every small detail, from the cute mascot you might use in your logo, to features that help people express their identity, or feel good about themselves. Of course, it varies from product to product.

The market is filled with tons of products that fulfills the needs of users. But very few of them have a community of enthusiastic users that want to recommend it to others.