What do Prod Managers pivot into?

My experience from 2015ish-2022 was the golden age of PM opportunities in the job market. Friends of mine with backgrounds ranging from engineering to QA to marketing were pivoting into the cushy job of Product Management.

Well that bubble has burst. As companies have tried to build their own in-house competencies that blend engineering with product and higher interest rates have lowered the appetite for the grey area PM’s operate in… so where are all the PM’s going? I’m not talking about the really good ones. They’re just fine. I mean the 80% of bad PM’s that flooded into the role and are now getting laid off or struggling to find their next gig in the career path.