I believe in self-organizing teams that own a product. Companies get their best work done when their engineers not only care about the product but are in a position to shape and design it. That doesn't mean engineers should be the only ones to decide what gets built. Far from it. It does mean their voices and problem-solving skills are respected and put to work.
It's a very valid call out of a risk. And it really diverges the real purpose of good product management.