PMs are in the lowest demand they've ever been. If you're a PM, you better be a damn good one, someone who'll work overtime and actually provide value to the engineers. I think the combination of AI / Covid led companies to believe they don't need as many employees any more. They're more interested in the leaves (engineers) rather than middle management nodes (PMs / managers etc). And since each person is now more capable of doing their job (with AI and new tools), the need for PMs is even less than before. It already used to be at a ratio like 1:10 for PMs to eng.

So it's harder than its ever been before to get hired as a PM, which means if you do get hired, you're probably really good. A good PM is almost an opportunistic hire now rather than something sought out in with a job opening. You definitely can't expect to coast anymore. You have to prove your value.