You're describing the GM (general manager) model, sometimes called the single threaded leader. This does work well in large scale organizations...especially ones where teams are built around projects and outcomes but exist for a finite time. Video game development tends to have this model.

I tend to believe in this model because when I've seen it in action, bad GMs are quickly identified and replaced for the betterment of the project.

It can be challenging to implement for a few reasons.

- It is difficult for a GM to performance manage across all disciplines. This model works best when you aren't interested in talent development.

- It's bad for functional consistency. GMs are focused on their own outcomes and can make the "ship your org chart" problem worse. It requires strong functional gatekeepers as a second-order discipline.