They are privatisation of JUDICIARY in one way. Parties electing it had been suffering with no regulation, review etc.
Let's not seek justice to Greedy individuals
Arbitration had become money making exercise for retired judges & many unjust proceedings are there. Aware of Same arbitrators for hundreds of cases risking to cross. Nothing but Corruption. Improve judiciary strength. Provide justice. Of course inept/corrupt need to be weeded out wherever it is