I think this is an overly simplistic dichotomy. There are definitely people who are "technical" who wouldn't be the ideal person to build out a big data startup's software (for example). As a founder, they might be more useful in shaping product vision, defining marketing strategy, doing business development etc, but not necessarily actually doing the hands on coding. Is this person technical? Certainly. Is this person building the product? No.
This misses the point of what a product manager actually does, though. A PM isn't there to criticize your work or even to manage developers - that's more the project manager's job (or perhaps a lead developer's).
PM's at most companies translate customer feedback into concrete specs that devs can execute on. PMs usually do not have any authority over developers, but instead try to work alongside them.
I really don't understand why devs hate on PMs - they exist to let devs focus on code. PMs create customer personas, user stories, UI/UX specs, and business reports, which are all things that the majority of devs don't want to have to deal with.