Perception management - How well is someone actually managing up! - I feel this plays a key role in promotions and corresponding calibrations.

Product Owner

Northstar metrics moved. 
 Projects shipped.

Product Manager

For SWE, there are clear goals and results (“Did their code work well?”), but for roles like PM where output is not directly measurable, and is subjective,

For SWE, there are clear goals and results (“Did their code work well?”), but for roles like PM where output is not directly measurable, and is subjective, how is the pay determined?

How are salaries of PMs calculated?