Probably not coincidentally, this was the only place I've worked where KPIs were truly a useful way of framing our place within the organization.
Product managers are often hired to be a cat's paw for an unsustainable and/or ineffective way of getting technical work done. This is what many businesses want when they hire into product, because this is a more convenient explanation for why things aren't better than any alternative (such as you're doing too much stuff, you're building the wrong things, etc.).
This selects for people with the skill and temperament to thrive in this role. Being a bullshit artist is a great fit. Being a pushover and repeating everything your stakeholders say is easy. Asking difficult questions and being a skeptic is hard and doesn't make you popular.