Is product management now commoditized?

Up until a few year ago, PM was a sought after profession. The idea was company needed product managers to drive overall product strategy and execution. But recently, I have seen service companies posting openings for PMs. In some of the interviews I have appeared in the past, when asked what is the product I will work on, the interviewer said we don't have any products, it is projects!

I believe companies have rebranded business analysts, project managers into product managers. How do you think situation will evolve in next few years?