'PM' - well, there's a problem. We don't have project managers. Product -owners-, yes.
But you have a point; a lot of places try to 'be agile', as something the devs do, without also including management. As a number of others in this thread even indicate. Management has to also change, or else there's a mismatch in expectations.
As a dev doing SCRUM, we report point totals, and allow the business unit to prioritize stories based on that, and based on the need for the feature. Point totals above 8 or so we try and break down into more stories. The only guarantee we give is that if we include it in a sprint, we will get it done in that sprint. We can estimate it at ~8 hours (~two days of a single dev's time; we build in slack, for meetings, context changes, dev tasks, and the unexpected), but we aren't guaranteeing that you'll have it in two days; it'll be the end of the sprint. Any more exact estimate is only for other devs, in case they're reliant on it being in place for something they're working on.