My impression after 3 years in a product role is that it is amazing what a ~5 engineer team is capable of achieving over a couple of years. However, we're located in Poland so employees are cheap, we're heavily subsidized by huge grants and funding. Our offices/facility is in the middle of nowhere.
The engineers are quite stressed out because their work depends on many external factors that they don't have much control over (shipping, ordering components, manual assembly etc.). They literally run a workshop - they argue about who's using the tools, what the 3D printer schedule is like.
It's so many things at the same time - it's super slow, production and QA is a comedy, design changes are challenging to implement. Product certification and patenting is an enormous challenge. Business is super slow (our customers take years to make up their mind and they buy with public tenders).
But on the other hand... they do also seem happy and proud. I mean I love the product, and I love showing it off, UX testing, etc. And there are few competitors on the market, so it's also quite stable.
I think hardware is more accessible and doable than it used to be - 'hardware is hard' is something my industrial designer dad would repeat in the 90's.