Would EQ be better off without GMs?

[Corrodith]

Serious question. Let's assume that there was no need for "god powers" to correct for technical errors in the game itself (such as lost corpses, handing out rezes after server hiccups, etc.) or trivial things such as surname changes.

In the absence of GMs, could the community govern itself in matters such as camp or raid mob disputes better than GMs typically do? Does the presence of GMs to fall back on for rulings actually prohibit players from coming up with solutions among themselves? Let's also assume that players have the capability, within reason, to see relevant objective game information regarding encounters (agro lists, etc) so this specifically applies to the role of GMs in making binding rulings on disputes.