> why does arbitration even exist in your opinion?

It's a scam that was invented to keep the inventor out of the trouble they knew their shitty actions would cause for them.

You don't need a contract for voluntary arbitration, you only need it to force someone into it when it's not in their best interests.

> people are taking "arbitration" to mean "whatever the company wants."

The company is the party with the lawyers, and which forces the clause into the contracts. Of course they feel it benefits them.

I highly doubt they're wrong...