I truly value a PM/ Program manager hybrid type person if I'm on a big team that has to interface with other big teams, because I don't want to have to be calling up all these other devs to figure out what they need from me, what I need from then, how our roadmaps correspond, or even have to pay 100% attention in combined team meetings.

But otherwise I can't see why a startup would want a PM, unless they also have a "community manager" and believe in all these fluff roles because I guess who cares, they have the funding.