Oftentimes formal performance reviews are replaced with some sort of continual feedback system (whether through an actual formal system or just an informal process), but in my experience a lot of continual feedback systems just turn into a back-patting machine and lose a lot of the constructive criticism that a formal review process can bring out.
Stack-ranking is obviously dumb, and yes, assigning things to a 5 point scale probably is too. But those were never the actually valuable parts of good reviews. You should always find a way to spend time and be thoughtful about where team members are excelling and where they're falling short.
I've worked a few jobs that decided that performance reviews were a pointless exercise and I honestly couldn't have told you what everyone thought of my performance prior to me leaving.