It depends on what the product is.

Industrial production of software is as difficult as industrial productions of theorems, patents, scientific discoveries and cocktail recipes.

If the "product" is solving a real-world problem e.g. driving a robot car, than software becomes a tool, like an industrial machine.

In that case software engineering exists, and it's doing very well, and it's about building reliable systems with the smallest amount of software and complexity a possible.

Distributed systems that survive hardware failures and scale up/down automatically and machine learning are prime examples.

where are they building reliable systems with the smallest amount of software and complexity and possible?

every place I seem to look people are turning trivial problems into huge and complicated problems by throwing more and more software onto the pile.

Well-known tech companies that sell services instead of software. When a small team is entirely responsible for designing, developing and running a service there's a huge incentive to avoid unnecessary complexity and maximize reliability...

Ethereum, MakerDAO