I went from having PMs to having no PMs to having PMs again. And I've officially confirmed my position that there's little to no reason for them.
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i might be a little linear-pilled but their pm-less structure makes so much sense. like you said, a good pm can be great but it seems more often than not that they're position doesn't feel needed...
at a bigger company: a good project and/or program manager can be really useful if you have a lot of ongoing projects under one larger program that all relate to one another, to make sure things stay in sync, especially wrt to avoiding scope creep and duplicate effort (imo)
i like working in a bigger company personally, but have worked in smaller teams where yeah, i can see why a PM could feel like a hindrance, so i get where you're coming from for sure.