I view the PM role akin the role a sweeper plays in curling. A good PM will clear the path for others on the team to do what they do best. Sometimes that's wrangling with devops so the developers can keep programming, or it's calling a meeting with stakeholders to brief them on potential issues before they get out of control.

A good PM is offensive, not reactive and thats why a lot of times it seems like they're just calling meetings. They're generally the only person that interacts with all the different teams (management, QA, dev, IT) and so they can see the upcoming roadblocks. IF they get those solved beforehand that's worth some $$$ :)