Arbitration does help with the problem of overwhelmed and expensive courts. What is needed is fair arbitration.

The outcome should approximate the outcome of the full court proceeding.

Make the arbitration rulings appealable in court on the basis of factual errors, errors of law, corruption, and potential errors by omission (i.e. failure of discovery). And make the company responsible for the full costs of the litigation if the arbiter's judgement is overturned. And punish the arbiter, perhaps a 2 year ban on accepting any case from that industry.

I'm sure more adjustments would be needed, but it should be possible to get both the arbiters and the companies to want arbitration to be a faster, cheaper route to the same outcome as the courts, rather than a steamroller that avoids all accountability for the company.