That's absolutely fine and a good way to work. However, I do still believe that plain old estimation has its place. Consider that you are part of a bunch of executives deciding in January whether to build a product A, which would have to be done by Black Friday, or product B, which would have to be done by Christmas.

Even after such a high-level decision is made, a broad scope estimate must also sometimes be made. For example: "would we have time to add a chatbot to this product?". If so, you could need to hire people with the relevant experience and have them ramp up. But if you have an estimate in the spirit of "well, must-haves A, B and C are probably going to take no less than X months, and the chatbot would take just as long if not more, so it's better to drop the chatbot idea and invest its budget elsewhere".