So far this is really working out well for managers.
If you have critical risks that only engineers can understand, then you have extremely poor engineering leadership. I can’t think of any examples critical risks I’ve encountered that couldn’t be communicated concisely to non-technical stakeholders.
Or extremely incompetent PMs. I've had one PM be confronted with the documentation of something where it clearly said "don't do this, it's wrong and will ruin everything" (which, totally by coincidence, is what he was told by someone on the team before). He still demanded it to be done because he had heard a talk at some conference where that was recommended. It took getting the CEO into the issue via back channels to clear that out.
Imho the percentage of PMs, POs etc that have no clue what they are doing is much, much higher than in any technical role. If they're good at bullshitting, they can usually talk their way out of being blamed for their failure and switch to a different company later.
You organization needs ways to detect and "fix" situations caused by a person not living up to their role.
Balance of power between product and engineering is one of such circuit breakers.
Deciding which engineers should have a career advancement also influences how the product is built.
And that engineering leadership needs to be independent enough from the PM, so that the PM cannot appoint redundant/agreeable scapegoats with no engineering weight.
Maybe you can still allow the PM force their hand on engineering, but that should be a procedure involving a written and signed release form so that the PM is directly responsible for their own decisions, without scapegoats.