You'd be surprised how VPs love to insert PMs. A famous game platform company, for instance, had two PMs for their storage team, one PM for their data team, one PM for the compute team, one PM for their dev tools team, if I remember correctly (the numbers could be larger, but won't be smaller)

I was at a small company that had as many PMs as engineers. There was also a "director" in a different department with one report.