It's not a bad metric. It's just not a perfect metric. And, more importantly, paying for time isn't a metric at all. It's just one of the legal ways to employ people. Paying for deliverables, which you describe, is another legal way to employ people.
Here are some downsides to paying for deliverables:
Any job that requires talking to other people will suffer, as they won't work at the same time. Some jobs this is okay (e.g. open source development is very asynchronous) but many are not.
If you move to deliverables, what happens if you don't deliver on time? Do you not get paid?
Who sets the deliverables? How are they paid, if they are the ones creating a nice deliverable structure for others to get paid for delivering bits of?
How do we measure the value of each deliverable, to pay accordingly?
How do we measure if you really delivered?
If the company decides the deliverable is no longer valuable and stops it halfway, do you not get paid? Do you get paid based on the estimated value (at the time the work was agreed) of the bits you did do? Do you have to negotiate that?
If you go on leave, should you not get paid?
If you deliver twice as fast, do you get paid faster?
How does "realisation of a function" work except based on time? If I'm at a service desk, should I be paid nothing if no tickets come in? Or should I be paid for... my time?
What I'm driving at is you've invented something that already exists: the fixed-price contract. Scope is agreed, lawyers get involved to approve it, and finance for its budget, you do the work, the scope slips in a way that the customer believes was implied all along, you bring in lawyers to fight, and you get paid at the end, or not, and the work at the end probably suffers quality-wise because you had a fixed-price deliverable, and the faster you do it the more money you get. I don't think many people are up for that; nor are many companies going to go through that pain per-employee.