A flavor of project manager found mostly in the world of software. Basically, some folks took a look at what small teams made up of folks with a mix of skill sets could do when highly motivated and self-directing (like a software startup) and then asked "how can we try to systematize this to fake it with teams inside a big corporation to get them to be more productive?"

At its best, folks deal with less red tape or hassle about how the project is run and spend more time focusing on getting the work done. At its worst, you have just as much red tape/hassle, but now it's being sold to you as this great alternative that you're expected to pretend to be excited about. I'll leave it as an exercise for the reader to work out which end of the spectrum is more commonly seen.