I think the fact that you started off with the assumption that the PM is competent illustrates the inherent entitlement problem with a lot of PMs in the software industry. Yes, PMs are highly important roles when done right. Companies who imitate companies that are successful (and who hires great people) picks up the PM role without picking up the culture of building good products or the hiring practices ends up with PMs who think they're competent and superior by association with the role they're in and that their opinion about who is competent is relevant.