Arbitration doesn’t really create precedent. When one person wins a lawsuit, it reduces the cost for all who follow (on the same facts). The evidence gathered in one case can be re-used in another.

A million arbitrations means a million arbitrary results, where one claimant doesn’t know what evidence was uncovered in the other cases.

Most importantly punitive damages. Arbitrators almost never impose real punishments, which means more companies commit fraud / act maliciously towards customers.

https://arbitrationinformation.org/docs/problems/#mass-arbit... has some details.

I also need to some detail about how companies are trying to enforce MDL-like bellwether and mass-arbitration rules in order to further reduce costs and chance of success.