Yes, bin it. Slows the game down, saps the drama, yet more creeping Americanisation of sport, in exchange for, if anything, even more time spent bellyaching about the refereeing than before, just with an extra level of abstraction and absurdity.
The solution is to ban the broadcast of slow-motion and/or multiple angle replays on television, and to ban pundits from talking about refereeing decisions - no excuses and upon pain of immediate dismissal and blacklisting.
People will moan for a few weeks but eventually just get on with it. And after a year we will all agree that we are better off without it.
Of course, English football will need to recruit an entirely new class of pundits because if it weren't for refereeing hot-takes most of them know so little about the game that they'd have nothing else left to say.