In the hiring and growth craziness post Covid, most companies needed people to just get projects out of the door. With good PMs and even any experienced PMs hard to come by, these companies dived in to hire freshers from engg colleges with 0 business experience, engineering experience, customer understanding and any other experience.
With no proper grooming into product, most of these PMs are actually just doing project management and drafting requirements from the top management blindly into technical PRDs. If you have not seen your peers counter the management and say NO or work to figure out the nuances of customer behaviour etc., you are less likely to do so yourself and are more likely to just be content being a feature factory.
Just posting a synopsis of Nir Eyal's book on Linkedin (and him actively seeking such posts and thanking the author :) do not make a PM.
Note: Outliers and exceptions are always there. Do not take the generalizations above to heart.