Not something I've noticed, and honestly even if it is the case, there's a limit to the number of PMs out there just given that there's a practical minimum ratio of PMs to engineers.
With tech seeing layoffs and a drive for efficiency, right now we're definitely seeing the number of PM spots decrease. Also, in times of cost cutting, you can drive the ratio of engineers to PMs up - I just listened to Zuckerberg on Lex Friedman, and he said they had a ratio of ~3 reports to one manager before they started layoffs, and he wanted that to more than double. He was talking more about engineering management there, but I have to imagine the PM ratio would be similar.
This is something I think about a lot as a product manager (PdM). There is only 1 PdM per a handful of engineers. In some cases, a product manager has more than one product (and team). From a numbers standpoint, I often wonder if I'd be better off going back to engineering. I wasn't the best at writing code—I was slow—but I enjoyed the challenges. The grass is always greener, I suppose.
With tech seeing layoffs and a drive for efficiency, right now we're definitely seeing the number of PM spots decrease. Also, in times of cost cutting, you can drive the ratio of engineers to PMs up - I just listened to Zuckerberg on Lex Friedman, and he said they had a ratio of ~3 reports to one manager before they started layoffs, and he wanted that to more than double. He was talking more about engineering management there, but I have to imagine the PM ratio would be similar.