Requiring a formal meeting - booking a room (of course the only available room ends up far away from everyone's offices), negotiating a time with everyone, etc. - is sometimes unavoidable but certainly adds a lot of friction. And worst of all, it must be planned beforehand. Not spontaneous. Some of the most useful work discussions I had were during short, unplanned encounters in the corridor.

I suspect that a workplace where work discussions happen only in form of formal meetings would be rather unproductive.