Funny - I took a manager role where the company was trying this approach. I was the manager, but I wasn’t empowered to manage the team or their work. They had a lot of feel-good ideas about empowering employees and reducing the role of managers.
It had the same result. Lowest productivity period of my career, for the entire company. It turns out there is some value to traditional management structures when implemented properly. Nearly all of the companies that experiment with weird management structure ideas seem to discover this eventually, and either revert to traditional management structures or they get built up in the shadows via social standing within the company.