Will an orchestra function without a conductor? Yes, the show will go on with some inconsistent interpretations of the score. Will there be a good review of that Symphony? Highly unlikely unless they get lucky.
Being a Conductor is an art. Just because you can play beautiful music does not mean you can conduct. The Symphony Orchestra needs a Conductor to be successful on their delivery of music.
The Project Manager is that point person that guides a team to complete tasks on time. The tasks can be completed independently of each other or they need to be completed in a defined order of dependencies to accomplish a deliverable. All the tasks make up a project with a defined scope to deliver results.
Being a Project Manager requires the ability to have a vision on how you will deliver a project on schedule by guiding your team members to stay focused on their part in the project. Every team member plays an important role no matter how small they think their part is. No room for slackers or weak links that will comprise the teams rhythm.
Will a team function without a project manager? Yes, it's done all the time. Will the project be on time within a budget? I don't recommend taking chances without a project manager because you might be lucky to have some good team members that can guide the team to successful delivery of a project. That might not be the case all the time.
Being a Project Manager is an art too. The delivery of projects on schedule within a budget is like a Symphony Orchestra Conductor that delivers a beautiful Symphony with a standing ovation at the end. That's why the Project Manager is the Symphony Orchestra Conductor of Projects. They deliver results. No standing ovation, only pure satisfaction for the team delivering a successful project.
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