I don't think its lifespan indicates its importance. Without it, it seems possible or even very likely that more innocent people will be have their reputations

I don't think its lifespan indicates its importance. Without it, it seems possible or even very likely that more innocent people will be have their reputations ruined and be imprisoned, with all the follow on effects on their families and communities. Also, as an unavoidable result, the perpetrators of those crimes will go free. How is that not important?