I suppose that arbitration lowers the cost of a dispute very seriously. It makes sorting out small issues affordable and much faster. I see it as a good tradeoff as long as I don't depend on it in potentially serious cases, where hiring a lawyer would be the least of my troubles.
1. https://www.uber.com/legal/en/document/?name=uber-connect-te...
2. "Notwithstanding the foregoing, where you allege claims of sexual assault or sexual harassment[...]"
If a basically every company insists that you waive your employee rights to work for them, then the only people with those rights are the unemployed, rendering those laws a bit moot.
You gain a competitive advantage over your peers by being willing to waive your rights, in the sense that a company of course would like to not have to respect your rights. The point of employee protection laws is to take that off the table.
The part about cutting off your counterparty's access to the justice system
There's nothing wrong with arbitration as a first choice to avoid court, to the benefit of both parties. There's something very wrong with binding arbitration.