"Other industries have moved on from this sort of model"
Source? I've worked for a few corps outside of strict tech focus and that was not my experience.
What's the end-goal of this anyways? You can't moderate social interactions, so if your company stops doing alcohol-related events, your teams are almost certainly still going to go to happy hours. I get that this would be a problem if every corporate event solely revolved around getting rip-roaringly drunk, and that would be needlessly exclusionary, but I also doubt that's the reality outside of some really fringe cases. Although maybe that is how it really goes down, and I've just had a sheltered workplace experience