I think the more straight forward upgrade to the status-quo would be funding it to a level where it actually does not have to rely on data that the manufacturers / creators supply.

Actually sample testing new and existing products against guidelines as well as being an active participant in trials would go a long way towards moving the FDA from being "paper-pushers" towards a more hands-on regulatory body.

They should also have enough expertise in-house to not rely on lobbists and industry experts for new regulations, when these outside forces by nature have competing interests.

Straight abolishing any part of it without proposing a substitute doesn't strike me as being in the best interests of society.