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Great question!

And then why can't this model of board (of Directors) be reconsidered and perhaps reinvented? What makes for the need to have a board and what other alternatives to a board does an entity have?

I'm sure someone here knows about the underlying concepts about Companies & Corporations and can answer this.

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It's a requirement of Delaware corporate law to have at least one board member. In theory, the board is there as the elected representatives of the stockholders, to make sure that management is acting in the best interests of the stockholders, and to replace management if that's not the case.

In other kinds of entities, like an LLC, the company can be managed directly by the members (stockholders), but that's not very efficient for larger organizations, since you'd have to get votes from the whole group of stockholders for everything instead of just having a small group vote at regular meetings.

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