But I agree that any tool used wrongly can be replaced by something simpler that cuts to the chase and delivers on what management is really interested in. And in this case has nothing to do with improving employees performance.
Reviews seem to be a pathway for the company to get rid of people rather than to help them grow. As a growth pathway, it is very ineffective. Other efforts work better imo - mentoring, 1:1s, 360 degree feedback, learning budgets, workshops, introducing a culture more appreciative of learning, and so on. They can cost less in total work hours spent than performance review weeks too.
People put their friends ahead of others, or they might fire one half of a married couple over a worse employee that's the single wage earner. At a defense contractor I once worked at, we talked about it being highly dangerous to be married to another employee.