I was just thinking about this. Most PMs remind me of that scene from Office Space: "Engineers are not good at dealing with customers. I have people skills!". There's no need to insulate engineers from the products they work on and the customers they work for. Good engineers want ownership, let them have it.
A big part of the problem in my experience is that PMs tend to proliferate. I've seen many startups go from hiring their first "product" person to suddenly having a PM team that's a third the size of engineering.