You need a manager to resolve conflicts between peers, to hire/fire people and to report to upper level. That alone takes a lot of pressure off a team... I've had experiences on both sides, management and individual contributor. Being a manager is pretty stressful for these 3 reasons. Other than that, it either falls into micro management or into a tech lead role. As soon as a manager starts getting involved in technical decision it usually goes against the tech lead of the team or architect. If a manager asks for status updates constantly it's pure micro management and against the Project Manager.
In other words, conflicts between peers, firing/hiring people and giving status updates on all the major issues is something that is hard to automate. We do need managers, but we need them to stick to these 3 things and that's it.