I am just giving my opinion as someone who has worked as an investor and now works in tech: almost none of these people will be working in tech in five years, and most companies won't have PMs.

You saw this kind of thing at investment banks pre-08, people who did literally nothing, created no revenue, they were just a $200k/year plant pot, left the industry in 08 and never came back.

From what I have seen, the situation in tech is worse...I am not even in the US, and have interviewed at places where cost is obviously out of control but they hired this guy with a CS degree who has literally no idea how to run a business (one place I interviewed at, the unit built the front-end for a savings product, iirc they had five sprint teams, each team had 3 business analysts, 1 PM, 1 test dev, 2 devs...it was madness, and the guy interviewing me was maybe 30, no business experience, had worked as a "senior dev" at Wipro or some other consultancy place, this guy couldn't even get people back into the office, no-one would go).

I think people have been in the machine so long they forget what reality is. Reality is here now, everyone is getting fired, the free money machine has been turned off.