I have always appreciated product managers who effectively intermediated customers, had deep domain knowledge, managed stakeholder expectations, learned how to interpret what they said (and ignore what isnt relevant), asked the right questions, prioritize effectively and output to me a nice set of, de-noised, ordered, precise answers to the question "what do I do next?"

It's a rare skill. It boosts my productivity immensely when done right. It removes cognitive load from the developer.

Even when POs make mistakes and misinterpret requirements I still appreciate that being somebody else's problem. It quells my anxiety immensely and lets me focus on developing the thing right without having to worry about whether Im developing the right thing.