Arbitration is just another power grab by companies, originally the government would keep this sort of excess and greed in check, as we have successively dismantled that capability the people of this country had to turn to the courts to seek redress and enforce the cost of consequences of mismanagement back on to the balance sheets of the companies via legal liabilities.

This was supposed to be the mechanism that enforced market penalization envisaged by capitalism, especially in sectors where choice was limited or no other options existed.

Companies got tired of having to deal with lawsuits that resulted from the misbehavior of their organizations so they started pushing binding arbitration clauses, and because no one gives a fuck about the people in this country they have been able to push this as an effective and cheap mechanism to shut customers up and remove their rights.

However you feel about corporations, they are entities that exists only because our social contract allows them to, they haven’t always existed and if we keep granting them or allowing them greater rights and freedoms than the actual people in this country, they may not always exist.