In real terms a product is the delivery of a service or other item of value. Specifically within the realm of software it is the promise of the delivery of software that will do what it says it will do, and then maintain or fix it where it falls short.

E.g. it's now about the delivery of a service rather than the challenge of building it (e.g. the moat) and then the delivery of service of it afterwards. Non functional requirements like data management and security, legal requirements and hosting are still valuable things that aren't front of mind for most developers creating their own tooling.