PMs do different things in different organizations.

In my last job, PMs were responsible for identifying problems that were worth solving and align with the overall company vision and plans within the owned domain, and design+engineering decided how to solve those problems and what to build. Of course with collaboration w/ the PMs (and EMs).

The job before that, PMs wrote jira tickets and nagged engineering when tickets will be delivered. The "what problems to solve and what to build" questions came straight from CEO/CTO.