And "in tech" is right. At my current company, we have more PMs than we do developers. This leads to a really poor feedback look where the PMs are trying to justify their jobs, so they "look busy" and start generating cruft that is probably not important (like changing text without really a great reason, sure maybe it is "polish" but ... there's real things to do and it distracts the engineers).
We don't need more PMs than we have engineers!