The Status being shown for the Product is the 3scale product internal state that is returned from the 3scale API. See the attribute "state" 7.7.12. Status of the product custom resource section

state: The 3scale product internal state read from the 3scale API.

It is not the synchronization status of the resource. It is the value 3scale product internal state. The same section also shows an example of a synchronized resource in yaml with state incomplete but Condition.status as synced

status:
  conditions:
  - last transitioned
    status: "True"
    type: synced
state: incomplete

The following 

oc wait --for=condition=Synced --timeout=-1s product/<product-name>

will return

product.capabilities.3scale.net/<product-name> condition met

The state of the Product being "incomplete" returned from the 3scale API was for implementation in a future -solution. So

• "state: incomplete" should not have any impact on the behavior of the Product. Need confirmation on this point.
• it is confusing to see the internal state of Product rather than the Condition.status attribute value ( synced in this case ). So the Condition.status should be shown instead.