I think it's a ridiculous notion; however, it makes for interesting discussion which I don't have a lot of time for at work. A few quick points.
1. "Superstar calls" happen in pick-up, they would most definitely still occur. These aren't a product of the NBA.
2. Travelling is subjective
3. Out of Bounds is actually subjective
4. Their would be no offensive fouls - these don't happen in pick-up basketball.
What would happen without officials is the same superstars would rule the league; moreso actually. You would have some really physical match-ups when you have younger guys trying to test the top dogs, and fighting would be a regular occurance.