We use JIRA. It can create Scrum and Kanban boards, so maybe you could call it a PM tool. Our PMs like it and use it because it gives them visibility into what the team is (officially) working on. I like it because it has a running comments section where people can add status, ask questions, document decisions for the future.
To me, the difference between a TODO list and a PM tool is that TODO is very fluid and things can jump on and off it outside of official project cadence. Since that's a reality in my job, JIRA works reasonably well.