The problem is not what you can do; it is often the cost of communication. In my own experience, it is far easier to explain my intention to an AI, let it understand what I want it to do, explain what it did, make changes, and submit satisfactory work that I understand and feel confident about, than to communicate the same idea to a junior developer, wait for them to complete the job (likely also using AI) and submit the work (which they often have a hard time explaining), and then review it.

Even if you are the one who can complete a project at incredible speed and quality, you might still become the barrier between the product manager and the AI when the specification changes.

The only way out? Find your own business opportunity and build your own products with AI. Your experience makes you a thousand times more efficient at this than a product manager. The sad news is that so many people are doing exactly this, and it is hard to stand out.