We have a product pod structure at Quizlet. Each product pod has 1-2 very clear business goals and usually owns certain product lines or domain areas. Every pod has a PM, a PMM, a designer, a product analyst, a product support specialist, an engineering manager, and an engineering team.
This structure allows teams to determine the best working cadences and divisions of labor that work for them. I've found it to be a very liberating structure because it gives the teams a lot of autonomy over decision making and it promotes true cross-functional collaboration.
Each PM I've worked with has been different. The pod structure has given us the space we need to negotiate our divisions of labor in the ways that make the most sense for us as individuals and to help us meet the team's business goals.