True, but in cities like London, going for a drink in the evening is the easiest way (as a manager) to "summon up" some kind of bonding session. All the other alternatives take either a lot more money, or a lot more planning.
If I say, "let's go go-carting," that requires planning weeks in advance, and a substantial budget. Most people will turn up, and it will be a good bonding session.
If I say, "let's go to the restaurant," that requires a little bit of planning (days ahead), and a decent budget. A number of people won't turn up, and it will be an ok bonding session, depending on the type of restaurant and entertainment available.
If I say, "let's go for a drink," that requires no planning, and hardly any budget (just enough for a couple of rounds). Most people will turn up for at least the beginning unless they already have plans, and it will be a good bonding session.
All in all, the drinking session is very good bang for your buck - despite the health side-effects. Because of that, as the article suggests, it's unlikely to be replaced by anything else any time soon. Alcohol is a great social lubricant, and yes, if you don't want to drink at all, your career progression may be impaired in some companies.
As the article points out, though, even in heavy drinking environments, there are ways to "cheat" and be a part of the drinking without getting drunk all the time. It's very hard to get away with no drinking though.