Neither Project Manager nor Scrum Master is normally a line-manager function. I don't know who came up with the idea of doing that in the first place, but it seems that mistake has been corrected.
So as you are no longer the boss by hierarchy, you need to ask and answer yourself the following question: how does the team profit from my work. How does my work improve the result of our work as a whole.
If you can answer that question and make the rest of the team see that truth, you will have their respect. And their respect is all you need to be a good project manager or Scrum Master.
In an ideal world you already have that, but I will take a guess and say the fact that you were boss meant that you decided things based on "I'm boss, we do it my way". That time is gone. You will need to prove your worth to the project just as anybody else on the team now.
As a developer let me say this: a good PM is worth it's weight in gold and I don't envy them for their jobs, even if better paid. I don't want to do that job and I'm happy as pie if someone does it very well. If that person has a bigger car or house or bank account... god bless, they earned it. However, mediocre PMs are a drag on a project and something that can seriously hinder a projects success. As I said I hate that job, but I will do it if I see that the actual PM is a dud and I could do his job better in half the time. So what you need to do is make sure you are in the first category. Do a good job. Developers will love you for it. If they don't... think about the question of what you bring to the table. How would their life be harder or more inconvenient if you were not there. If their life is not better when you work, then something is wrong.