Windchill is not having delete option for products. But it is present for projects.
There might be some cases where user by mistake create any product in Windchill and then wants to delete that. As currently there is no option for deletion, that product remains as it is in Windchill.
Loss of data present in that product will be major concern here, but if we can give some constraint to users that they need to move/purge data before deletion and should not allow then to delete it until they do this, then data loss issue also would not there. Also user should resolve all access policies related to that product before deleting it.