This doesn't surprise me in the least. I'm not trying to get into a debate around who's job is harder, but I think a good product manager is worth more than a good dev in most situations.

Most devs are not changing the world with their code, and often times they are simply implementing rather mundane requirements for rather mundane products.

A good PM defines product strategy. They have to know both sides of the business and their decisions can make or break a product.