Important parts of my compensation (involvement, agency, sense of ownership, diversity in work effort) were just inadvertently phased outThat's a neat observation, and a pattern I've seen before. As the company (or team, within a larger company) grows, it's possible to lose some of the things you most value about your job -- without even realising it.
The company and management have the best intentions at heart for you, the team and the product -- but is this an inevitable side-effect of growth?
Also, the reason I became a product manager in the first place was because I found the specific stuff you mention invigorating, and coding became a distraction from it; I wouldn't diss all product managers with the same brush, it's just an unfortunate trap that if you're a good engineer then people probably don't think you want to be more product-focused, and don't want to lose your coding contributions.