Plastic is great for all the reasons you describe, but it's really hell on the environment. The thing that offsets that side effect is its cheapness, and that's majorly a function of capitalism/private land ownership/the general way the world is organized right now.
You mention asbestos, but I'm pretty confident we would not have banned asbestos if we didn't have other comparably effective building insulation materials. (Indeed, it's still used in many poorer countries where people are unable to afford the alternatives.)
Of course it wouldn’t, I don’t think anybody would believe this. Abolishing capitalism would change the incentive for collecting and utilising those natural resources, though. It’s a lot easier to justify the made up idea of private property when you’re sitting on a pile of rocks that you believe will make you a lot of money than it is to justify sitting on a pile of rocks that a few people decided might be processed into something that’s a net positive to all of society. I have to wonder if plastics would be as ubiquitous as they are today if we didn’t have a very strong social and economic incentive to drill for its raw materials.