If they're like PM roles in the rest of the Internet industry, then yes, they are basically CEOs of a specific project or program for part of a company. The problem is that in most large software companies, projects are generally quite small. So a PM might be in charge of an engineering team of 4-6 engineers that are working on one tiny widget on the page. The product as a whole is usually the responsibility of a VP.
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If they're like PM roles in the rest of the Internet industry, then yes, they are basically CEOs of a specific project or program for part of a company. The problem is that in most large software companies, projects are generally quite small. So a PM might be in charge of an engineering team of 4-6 engineers that are working on one tiny widget on the page. The product as a whole is usually the responsibility of a VP.