Estimates still come with a cost in themselves though. They're not an end, merely a means. So we should consider alternatives.
An alternative approach I've heard from some teams, though haven't had the pleasure of trying myself, is to break your work into similarly sized small chunks and measure team speed over time in terms of these chunks. This sounds a lot like relative point based estimation often seen on agile teams. However, the difference is that once you establish this sizing rhythm during analysis (with the help of estimation early on to hone in on sizing) then you skip estimation altogether.
I suspect this needs to be calibrated from time to time ("our stories have gotten too big") and exceptions need to be made (e.g. "there's just no way to split this work up and keep it releseable") but those scenarios are exceptions, not the norm.
A world without estimates sounds great to me.