I think the PM fad has been around much longer, to the point one almost forgets how to build products without PMs. But from my experience, I find that the prevalence and empowerment of PMs is largely turning Devs into highly-paid code monkeys, as opposed to the highly-paid and empowered value builders that they should be. Much of the busy work that many PMs are doing can be replaced with a bit of Agile/Scrum training of a few devs per team.
At the same time, I would say that having a product owner who develops a deep understanding of the domain, actively talks to customers, and steers the vision and direction is immensely valuable. But I hardly see any of my PMs doing it.
Anyway, I am seeing a lot of negative sentiment towards the prevalence of PMs these days, which I mostly share. Would love to hear any counter-thoughts or corroborations of this. Are PMs necessary? How should they be utilized?