There are clear distinctions between product and project managers. Where organisations are still quite siloed, PM’s are there to facilitate communication, reduce variation, derisk and if possible, manage waste. The issue isn’t so much the PM role, as it is some of the reasons for its existence.
Project Management has evolved to have to manage what is in essence the effects of waste in an organisation. If that waste was minimised or didn’t exist in the first place, there would be much less need for a PM at all. Instead, many organisations continue to generate the waste, but introduce more PM’s and even programme management to manage ever higher levels of waste, especially context switching. It’s something enterprises have to look at and keep a watchful eye over, as at that scale it exponentially grows very quickly. So much so, that the return on every dollar or pound spent per employee, is significantly lower than in smaller companies.