Having dedicated people understanding what users want, what competitors are doing and what are the future directions of the market is probably necessary and worth dedicating serious time to.
It is just how people organize teams right now that seems a little broken; a Product Manager and 'their' team. This leads to the Engineers who like to innovate becoming bored and finding smart ways to get out of the 'typingpool'. This innovative talent is really necessary to scale product teams though, e.g. spotting common patterns across code bases. With that loss in innovation companies suddenly find a comparable feature that took 2 weeks taking 2 months.
Also as technology evolves new features previously impossible become possible. A Product Manager probably will not see this.
Perhaps there is a more 'ownership' heavy way of organizing Engineers. Something a bit more democratic like having a pool of ideas coming from Product Designers and Engineers. Self forming teams can come together to deliver whatever motivates them.