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I would say a solid understanding of the fields that development most commonly intersects with. Typically business (including politics), product, networking, operations, and security. You don't need to be an expert but you do need to be able to carry on intelligent conversations at the intersection points.

You don't need to be an expert but you do need to have a firm grasp of the basics.

But devs are perfect and special snowflakes who should be deferred to in every context. The users should just do what we put in the nonexistent documentation or figure it out on their own because the software is perfect amirite?

Valuations are a funny thing. There's sooo much cash floating around in large companies coffers doing nothing (especially Microsoft's) that the numbers start meaning a whole lot of nothing after awhile.