You're assuming this is a consensus or self directed free for all style flat approach. It's not: http://holacracy.org/constitution.

There is structure, and there are explicit rules for how that structure is modified. There are rules that require decision making to be documented rather than held in your brain. Accountability is explicit. The entire system is designed to be scalable by a process that allows individual roles to transition to teams (or back) with as much nesting is required for the business at hand. On the whole the design is aggressive about making things explicit and systematized.

Whether it works or not I don't know, but it's clearly not the kind of free for all you're assuming.