I don't believe this is strictly a cost-cutting measure. I think companies are realizing subconsciously that people who can do this are worth their weight in go

I don't believe this is strictly a cost-cutting measure. I think companies are realizing subconsciously that people who can do this are worth their weight in gold (although I might be biased as one of them) because they can put together the whole picture of software development. You can certainly achieve the same effect with a well-functioning team, but that's harder to manufacture than hiring one person who can put the whole thing together in their head. Of course the tradeoff is what you said: these people get burnt out if not carefully managed and they are probably less optimal than they could be performing any one of those roles in isolation. But the value of getting a synthesis across those functions and moving a project in the right direction is extremely valuable.