This hybrid role isn't easy, but it can be rewarding. And, as teams understand and embrace Scrum principles, the project management overhead can be minimal.
Perhaps it will become more popular to value project management tasks for their ability to enable the team to be more productive. Management and project management roles should result in increased output, or they aren't being done right. But, it's still possible to have a successful Scrum adoption experience by leveraging the experience to key technical contributors who also understand Scrum.
It's risky to mix ScrumMaster and people manager roles, but some teams have had success with this.  Successful agile adoption requires a mix of technical and project management change, so having a good technical person who embraces agile values and enjoys the project management aspects of the role can be a big win.
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- Berczuk, S. and Y. Lv (2010). “We're All in This Together.” IEEE Software, IEEE. 27: 15-18.