IMO, this is a little bit of a false debate that's been kicked around for years. For instance, in your first paragraph, you could just as easily switch business skill and product (and many people do).
Also, business and product are intimately related. Building, say, the tech for a SaaS business doesn't mean you've built a good product. Business skill can help here. As developers who can build, I think we sometimes emphasize the tech (product) from a functional perspective vs. from a business one.
In short, it can be very difficult to create a compelling product without solid business thinking. And, even with a compelling product, it can be difficult still to gain any traction. My experience has been that both skillsets are needed equally.
Also, business and product are intimately related. Building, say, the tech for a SaaS business doesn't mean you've built a good product. Business skill can help here. As developers who can build, I think we sometimes emphasize the tech (product) from a functional perspective vs. from a business one.
In short, it can be very difficult to create a compelling product without solid business thinking. And, even with a compelling product, it can be difficult still to gain any traction. My experience has been that both skillsets are needed equally.