The best PMs are like mini-CEOs, and many of them go on to become CPOs. But there's a lot of confusion in the software industry about what the role of a PM should be. For example, I see companies putting too much emphasis on usage metrics, while very few focus on the far more important skill of asking the right questions. PMs look at dashboards to make informed decisions, but most of them aren't even asking the right questions. And they don't know if the questions they're asking are the right ones, because they have no real knowledge of product development, just a bit of experience which is limiting. That's what happens when engineers, designers, or musicians end up in PM roles, reacting to data or using it to validate their own or someone else's assumptions.
The real problem, I believe, starts with companies hiring anyone with people skills as a PM. They don't understand their role and responsibilities, it's common to hear PM say "I own the product." But that's not really true. According to successful founders and CEOs, they are the only ones who truly own the product, and that's an important point for leadership to establish. PMs thinking they own the product creates power struggles with leadership, engineering and design, while a title like "Customer Experience Manager" makes it clear the role is about representing the customer's needs, aligning them with the CEO's vision, and making the right trade-offs.
Business people with knowledge and experience always put the customer at the centre and focus on aligning customer value with business value. In other words, if you're the CEO of Uber and your PM isn't driving a taxi once a week, then, IMO, you hired the wrong person.