It is an old question. But what I concern is, in many proofs of this result, many argue that
For all $a \in A, b\in B$. Since $$a\le \sup(A)\quad and\quad b\le \sup(B)$$ Then, as $ab\le \sup(A)\sup(B)$, $\sup(A)\sup(B)$ is an upper bound of the set $AB$.
I think it is OK up to this step.
But then people argue that,
Consequently $$\sup(AB)\le \sup(A)\sup(B)$$
How this conclusion comes? An Upper bound $M$ only ensures for all $s\le S$, $s\le M$. But $\sup(AB)$ may not in the set $AB$.
Consider $S=\{x: 0\lt x\lt 1\}$, then we hae $\sup(S)$ not in $S$.
The statement is of course false in general: the supremum of $[-1,1]$ is $1$, the supremum of $[-2,1]$ is $1$, whereas the supremum of the product set is $2$.
If we assume that $A$ and $B$ only consist of positive numbers, then the result is true. You just need to show that, for each $a\in A$ and $b\in B$, $ab\le \sup(A)\sup(B)$, which follows from $a\le\sup(A)$ and $b\le\sup(B)$.
So $\sup(A)\sup(B)$ is an upper bound for $AB$, and therefore $\sup(AB)\le\sup(A)\sup(B)$, because $\sup(AB)$ is the least upper bound for $AB$.