I think this phenomena is less about PMs and more about a "data driven" culture.
I worked at a mobile game development company for a couple years. While the industry was young, they had some really big hits and grew to be mid sized. While I wasn't there for that era, talking to the people that were, it was mostly driven by passion and people that cared about games, and while they monetized well it wasn't the focus.
However, they had a couple of misses after those hits. This is pretty normal in game development, although in my opinion those misses were mostly about being too ambitious: way too much tech requiring cutting edge phones, tools that were still not mature, team sizes that were larger than they knew how to handle, etc.
So, the founders stepped down, and they were replaced with a new C-level staff that came from the gambling industry, mainly slot machines.
These people LOVED the numbers, KPIs and all that jazz. They loved showing those numbers to the staff too, which credit for being transparent but realistically a group of creatives are not generally that interested.
The problem was, since every decision required "data", innovation became impossible. Have a cool idea out of left field nobodies done but everyone is excited about? Can't be done, where's the data? But we can make a match 3 with a familiar IP! Who cares that we're just copying the market leaders and entering the space once its already saturated.
Anyway, the company folded two or so years after that. It was a shame because there was a ton of talent there, but the C level management just did not understand the industry, how to get creatives excited, and they did not care about games. They just had "data"