How are product management teams organized in modern companies such as FANG, Spotify, Airbnb, Uber, etc? Is it by a feature area or a problem space area? For example, if you are an commerce site, do you have a product manager responsible for checkout experience, one for search experience, etc? Or would you have a product manager responsible for an end to end problem space such as "shopping experience sucks". Shopping experience could include many areas such as homepage, search, product listing pages, checkout, after sales experience such as returns.
Amazon / Eng jsjkd
Both your options are valid and have their applicable use cases.