Why Do Companies Keep Hiring Product Managers?

Companies love hiring product managers, but what ends up happan from a ratio standpoint, where you get multiple product managers for a single designer. Why do companies keep hiring product managers when they don't have the teams to deliver what the product manager is working on? And design is not even that, is it? It's not recognized as that. So by hiring a product manager, you you believe you are enabling the ability to deliver more product, new product. With that delivery of more new product, the generation of increased value. The hidden connection that i thought i hadn't been realized into engineering was cut out and re-applied in this way.