Not happening anytime soon. Those product management types are more expensive than devs in most places, you would be literally a) increasing cost per hour worked; and b) stiffling the use of (pricey) management skills of such manager to do lower pay job.

I have no doubt some broken places end up in similar mode but en masse it doesnt make any financial sense.

Also when SHTF and you can't avoid going into deep debug with strong management pressure and oversight, it will become glaringly obvious which approach can maintain things running. And SHTF always happens, its only a function of time.