I once peevishly pointed out that if you weren't required to stop at stop signs your commute would go faster, but if nobody was required to stop at stop signs it would be slower because every other intersection would have an accident blocking the way.
This is also very much true of TCP congestion control algorithms. And while a few people not using them can get away with it, everyone not using them and you will find your network latency goes from a median with a low standard deviation, to a slightly lower median with a HUGE standard deviation.
One of the things that slow start does is it spreads the change in median latency over a longer period of time. You can think of this intuitively where each new connection starts slow and then gradually gets faster, until it is as fast as it can be, and as more people start connections they start slow and get faster, while the current connections get slightly slower to accomodate the new traffic. The result is a non-chaotic adjustment of the network flow.
The converse is that everyone starts out going as fast as they can, they not only overwhelm the node the node ends up getting massively congested for a moment trying to sort things out. And of course IP doesn't care if you lose a fragment, you'll eventually resend it. So now during this massive congestion the re-transmits are causing more congestion. You get lots of pushback and finally everyone is back to a level where the network is doing ok with it and wham! a new connection opens up and everyone gets hosed again and backs off again, and then ramps up again.
Moral of the story, if only you don't do slow start you can be fast, if everyone doesn't start slowly, the network latency gets really unpredictable and poor.