I think the problem with most peer reviews in practice is that they typically are not actionable or even concrete. I used to have monthly 1:1's where I got feedback that wasn't "keep it up" less than 10% of the time. Not a negative experience, very positive actually, but a huge waste of time that seemed to exist just so the person I reported to could see he was in-charge.
I've had nothing but positive experiences from years and years of peer reviews. It's not even that I've had "nice" / overly-charitable peers who don't call me out on things: I've gotten good, actionable feedback that improved my career.
It's a pain in the ass to write them but I always put in a good effort because of the benefits I've received from them.