At a small company, the products that you're managing tend to be more nascent. There aren't as many features, but a lot of work is still involved to build the right product well and maintain it over time.
As a PM, you're likely responsible for everything, including knowing which features customers are using, how they're moving through the product, etc.
Heat maps and path analysis are a great way to do this, but a PM only has so much time, especially at a small organization. It requires you to be brutal about prioritizing.
At a large company, work is easier to distill because there are distinct roles that fill all the requirements across the spectrum.
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