There have been countless proposals for alternative systems. Last-in, first-out from memory is holacracy [1] "Holacracy is a method of decentralized management and organizational governance, which claims to distribute authority and decision-making through a holarchy of self-organizing teams rather than being vested in a management hierarchy".

Not sure there has been an opportunity to objectively test what are the pros and cons of all the possibilities. The mix of historical happenstance, vested interests, ideology, expedience, habit etc. that determines what is actually happening does not leave much room for observing alternatives.

[1] https://en.wikipedia.org/wiki/Holacracy

But how do you know that Holocracy is more reasonable or fair? The Wikipedia article you linked isn't exactly glowing!

Every company I've seen that has tried Holacracy abandoned it shortly after.