People with PM title has really increased due to there being large number of people in large number of organizations. At one level it I would say that it is an indication of acceptance of value add coming from PM community!
Having said that, there is definitely more & more specialization getting added to the role which evolved from general management. Now a days just putting across yourself as a PM is not enough, one has to really point on the specific competencies e.g. Risk management in global delivery projects, people management of large & complex turnkey project in oil & gas sector or say planning & integration of multi-vendor multi-region solution implementation. As a PM one is supposed to do n number of things but one really need to highlight only critical personal competencies
one brings to the table for a specific role or assignment.
Interestingly, as you move up higher on the hierarchy from single project to multiple projects, single program to multiple programs or portfolio, totally differently types of skills become important which are more of general management & strategic skills.