It would solve a lot of problems, including taxes spent on all the process, facilities, etc., and to provide services to people who become indigent and sometimes unemployable, and to their dependants.

Through someone in jail unnecessarily for a felony, and now you've taken a productive person and made them negatively productive (in jail) and destroyed most of their productivity when they return (nobody will hire or train them for anything valuable). Now their dependants, such as kids, also lack resources. Family lose not only their futures, but homes, health care, education, ....

Obviously prison is necessary in some cases, but other countries have low crime rates with far less incarceration.