I could see very specific cases where arbitration makes sense with a very well defined scope. "Parties agree that disputes over widget quality related to this agreement are to be adjudicated by the Widget Quality Counsel". The courts are not always the best arbiters for every dispute.
However, what we have now is every corporation finding ways to slide arbitration clauses of global scope into every transaction. That is always bullshit.
Agreed. It's pretty telling that none of these corporations would accept an open ended arbitration clause in their dealings with any other corporation.