Like how important your undergrad degree is in your current role. Tbh, It adds more weight to your candidature and pay, but doesn’t give you any disproportionate advantage over other genuine problem solvers. It also helps your CV stand out in a sea of applications for a particular role. At the end of the day, the core job of a PM is to define and solve the most important problems in their product.
MBAs are very helpful to either break into PM role or take the final leap from product leader to executive leadership roles.
I am a product leader in an international gaming giant and I haven’t yet felt the need to get an MBA post my undergrad.