That's very astute. You are right, there's nothing in those activities that command a higher pay. For product managers, it's the work that comes after doing all

That's very astute. You are right, there's nothing in those activities that command a higher pay. For product managers, it's the work that comes after doing all the above which commands the higher pay: Synthesizing all the information that was gathered to present a strategy which satisfy consumer needs and exploit competitor weak points. Creating a long term roadmap which gives direction to the work that the engineering department will do. And doing both convincingly enough that upper management buy into the strategy you are proposing. This is the no-right-answer, risky work that product managers are paid for.