I think the criticisms aren't that the Drake equation is reductive, so much as that it's packed with unspoken assumptions and that it's not actually helpful.

https://futuristspeaker.com/futurist-thomas-frey-insights/ar...

And for inspiration to search for extraterrestrial life? I think Star Trek has done that job better.

https://exoplanets.nasa.gov/news/1385/to-boldly-go-how-star-...

Failure is useful if we can learn from it. If we keep treating the Drake equation as meaningful, we're not learning.