After you're set on the general product you are building, that's fine. But consider you're trying to decide whether to build product A or B for deadline X. Which one has the largest probablity of finishing on time?

I'm not advocating having engineers estimate the completion date of their daily tasks, I'm just saying estimates aren't totally useless.

For another viewpoint that's not just mine, consider point 6 of the Joel Test, or the methodology of Evidence-Based Scheduling, also by Joel Spolsky (https://www.joelonsoftware.com/2007/10/26/evidence-based-sch...).