Opposing Hot take (possibly missing the joke....):

Coding was never the most valuable skill a software engineer contributed. Socially-capable engineers are going to be far more likely than PMs to 'shine' when agents can write code and engineers are afforded more time to engage with busines/customers/stakeholder/domain experts.

If my experience is any reflection of the norm, the avg PMs greatest value has never come from effectively determining the value or requirement of a product or translating requests/feedback to meaningful deliverables. It's been in providing cover (time) for engineers that could do the same job better, but are irreplaceable in the development process and so are more rare/valuable spending time doing development. When engineers no longer need to write code, they are a more direct line to effectively solving "Product-Led" business needs with technical solutions than a typical PM will be.