Project management tooling is strong and you need a lot less time for the logistics of managing a project, so the responsibility got absorbed into other roles. From my experience, project management in tech is done partly by product managers, engineering managers, and tech leads
I once worked in a company where one of my colleagues actively created phantom projects for his department, oversaw them, checked off metrics, went to meetings, and “deployed” solutions for capabilities that the company already had but had forgotten about. He once confided to me that he hadn’t actually made anything in over a decade. He still works there, 15 years later.