The difference between a product and project team is essentially about ownership. The difference between a team taking responsibility for an outcome, versus a team just there to deliver a project (output), and then move on to something else.
The signs of project teams are plain to see: teams of mercenaries (order takers), slow velocity, little to no innovation, ballooning technical debt, no ownership of results, orphaned projects and blame directed everywhere.
More generally, one of the things we learned many years ago is that success does not come from projects, but rather from continuously working and iterating on an area until we achieve the necessary outcomes.
[Startups loose this in scale up when] the leaders instead try to scale by staffing and directing project and feature teams, not realizing they are losing the most important ingredient from their earlier years.