Probabilistic constellation shaping (PCS) has been widely applied to amplified coherent optical transmissions owing to its shaping gain over the uniform signaling and fine-grained rate adaptation to the underlying fiber channel condition. These merits stimulate the study of applying PCS to short-reach applications dominated by intensity modulation (IM) direct detection (DD) systems. As commercial IM-DD systems typically do not employ optical amplification to save the cost and power consumption, they are no longer subject to an average power constraint (APC) but a peak power constraint (PPC), which poses unique challenges to take full advantages of PCS. This paper provides a comprehensive investigation of PCS in IM-DD systems without optical amplifiers. In particular, we reveal that if the transmitter enhances the peak-to-average power ratio of the signal, a PPC system can be partially or even fully converted to an APC system in which the classical PCS offers its merits. The findings are verified through an IM-DD experiment using 4- and 8-ary pulse amplitude modulations.