This is like cryptocurrencies.

Every new generation is convinced that all the cruft of the existing system is useless or obsolete so they create a new system without the cruft based on "first principles" or somesuch bullshit. And then through pain and loss they rediscover why all that cruft was there in the original system in the first place. What seems "obsolete" is many times a bedrock principle of the old system that only seems obsolete now because it is/was so effective that the problem it is intended to address/prevent no longer occurs.

Also, legislators review the existing laws all the time. Most "new" laws are just amendments to existing laws.

Well, partly. Cryptocurrencies rediscovered why there are so many regulations. But they also enabled near-instant (hours) cross-border transactions in a way the existing system just can't do because it is too ossified. It also allows people to opt out of regulations they feel are getting in their way too much, which is a good check against over-regulation.

In other words, both the old way and the new way have value. The perfect ideal system is probably a synthesis of both, but in lieu of that, we can have both separately.