I'll assume that in $H(S)=\prod_{x\in{S}}{h(x)}$, the notation $\prod$ stands for the product of the integers represented by the bitstrings $h(x)$. If $\prod$ stands for a product on some (semi)group other than $\mathbb N$, tell us which!
There really are three different questions:
- In the title: Is $H$ collision resistant? That is: is it possible to exhibit distinct $S$ and $S'$ such that $H(S′)=H(S)$ ?
- In the body, first: Is $H$ first preimage resistant? That is: can we "compute (an) $S$ for given $H(S)$ "?
- In the body, then: Is $H$ second preimage resistant? That is: can we (given $S$) "find another $S′$ so that $H(S′)=H(S)$ "?
About 1., I conjecture that $H$ is not as collision resistant as $h$ is. The following attack sketch seems to have a fair chance to work for $h$ of say 160 bits:
- choose a bound $B$ and tabulate the primes $p_j$ no more than $B$;
- for integers $i$ starting from $0$ onwards (until there is enough): compute $h(i)$, test if it is B-smooth (has all its prime factors no more than $B$); if yes, keep that $i$ and its factorization, as the powers of the primes $p_j$ in the factorization, which is a vector of integers (overwhelmingly $0$ which need not use any memory, most of the rest $1$);
- now, our goal is to find (disjoint) sets $S$ and $S'$ of integers $i$ we kept, such that the sum of the vectors for those $i$ in $S$ is the same as the sum of the vectors for those $i$ in $S'$; and I conjecture that problem is relatively tractable.
At least, that whole thing is well studied, and tractable, in the context of multiplicative RSA signature forgeries, except that in this context we have tuples multisets rather than sets here (so our problem is somewhat harder); see e.g. section 3 in Coron, Naccache, Tibouchi, Weinmann: Practical Cryptanalysis of ISO/IEC 9796-2 and EMV Signatures, and their sources.
In this attack, we can get rid of those $i$ where one of the non-zero power appears for no other $i'$, as they can be of no use in the solution thought. When a power appears for just two values $i$, $i'$, we can aggregate the two as the pair $(i,-i')$ and the difference of their vectors (because $i$ and $i'$, if useful, can only appear one in $S$ and the other in $S'$). Various other tricks apply, including the large prime(s) variants customary in QS.