We probably would be better off with nothing. For one, abandoning compulsory public schooling will lead to an explosion in democratic, free, Sudbury and other alternative school models, as well as decrease the regulatory capture for homeschoolers and unschoolers. We are at a far better position than ever before in history to suitably practice autodidacticism on a mass scale, potentially with decentralized study groups, apprenticeships and democratic schools existing to augment and pool one's skills. Private universities will still exist and be able to focus more on research and less on being High School 2.0.
Not to mention such an arrangement would be more organic, in the sense of not constraining people to the uncanny artificial environment of public schooling, which does not mirror any other oft-seen real life institution. It's an odd syncretic chimera of its own.
However denying parents the input of their far superior knowledge regarding the workload their child has as well as implying (intended or not) that the homework situation does not need improvement is denying the very real problem that kids are stressed and overworked. Some as early as kindergarten.
One perfect valid grass roots solution to this is for parents to push back against the school. And unless schools start changing it's the only solution available to parents of those stressed and overworked children.