As a general rule, arbitration is a great tool for multiple parties to resolve a dispute without going all the way to trial.

The issue isn't with arbitration on it's face, but forced arbitration as dictated by a single party.

No. Arbitration can save all parties time and money in many types of disputes. It's often reasonable for a negotiated contract between near-peer parties to contain an arbitration clause.

What should be illegal is arbitration clauses in non-negotiable terms of service.

It should not be allowed to be part of the terms of service for a product. But two consenting parties should be allowed to use it.

It definitely should be. Employers should not have the ability to just decide they don't want to be sued and pretending like the employees have a choice in the matter is a joke. Most of them. Are wage salves and can't afford to be fired for not agreeing to forced arbitration.

Because the wrong people are in power to allow it to happen.

Depends on the arbiters. If they're truly independent and unbiased, that's great.

You lose the right to class action lawsuits

I love when I get a coupon in the mail and lose my right to sue the company, whereas the offending company pays basically some small fine and the lawyers go home with a huge payday.

But I agree, forced arbitration sucks, I'm glad that it's unenforceable here (other than in B2B agreements)

it is. contracts can not make you go against the law.

Yeah you should not do business with anyone that arbitration Claus. Also you can stratch out arbitration Claus in contracts

It's legal because people agree to it as part of entering a contract. And as scummy as you or I may believe it to be, people still enter into such contracts, and courts have not ruled them unconscionable.