People should have the right to vote for whatever they value, and should have the right for that vote to count (via representation of those values). A two-party system suppresses those rights. It's 'efficient' if you happen to agree with one of the two parties - but, it is not fit for purpose if you think the point of democracy is to represent the people in political decision-making.
A political system which implies that there are only two valid points of view (or one valid axis) is the poorer for it.