Getting rid of a job title doesn't mean getting rid of the work that needs doing.
Someone still has to own the "why" and the "what" of the product you're building—if it's not the PM, then it is engineering manager or design leader taking on this role.
…quite likely at the cost of other important work that designers and engineers would otherwise spend their time doing. You can move chess pieces around all you want - and sometimes there are reasons to do that - but every org structure change comes with unintended consequences.
Someone still has to own the "why" and the "what" of the product you're building—if it's not the PM, then it is engineering manager or design leader taking on this role.