Yes I get that part. But that's what "rule of law" as a concept is/was intended to mitigate.
Obviously it wasn't perfect. But a parliamentary monarchy is better than an absolute monarchy. A democratic republic is better than an aristocratic one. That's rule of law in action.
It would be naïve to claim things are perfect and rule of law protects us as it should. But it would also be ignorant to say it hasn't helped at all. It's the entire reason why things aren't already worse than they are.
If we want to overcome this, improve society, build a better system, then we need rule of law. That's the baby that we shouldn't throw out with the bathwater.