As a long time PM (of all sorts of P)...

If you don't want to have to talk to customers, which only one developer who I've ever worked with has actually wanted to do, you need a way to equip someone else to do so.

Same thing if you want to keep your investors happy, your counterparts in other departments informed of when they need to have the hardware to pair up with your software ready, etc.

There's definitely such a thing as too much overhead, but developers who just do the things they are interested in without considering that they are part of a larger business are the other side of the coin that you're describing.