Is PM role losing its value in current market situation?

The low response rate for new project management applicants, even those with strong technical skills and extensive experience, is not primarily due to AI, recession, or changes in the PM role. Instead, it's more about the alignment between organizational needs and the professional's ability to demonstrate their value. There is still a large market demand for Project Managers, but companies are becoming increasingly selective in their hiring processes. Balancing hard and soft skills.
My recomendation is to focus on effectively aligning one's competencies with the specific needs of target organizations. Companies are looking for professionals who can directly address their unique challenges and contribute to their strategic goals. Generic PM skills are no longer sufficient; organizations want professionals who understand their industry, technology stack, and unique business processes.
Successful professionals need to demonstrate not only technical project management abilities but also strategic thinking, stakeholder management, and adaptability to change.

Ten years ago, managers in my field typically had at least 10 to 20 years of experience in the company or the relevant field. However, in the past 4–5 years, this has changed. Some young individuals now call themselves managers despite having zero leadership skills and no understanding of management or control. The unfortunate reality is that things still progress—the team delivers results, largely due to the contribution of experienced technicians and executives—while the manager takes credit for the rewards.