"Arbitration is ubiquitous because even at the cost of hundreds of dollars per hour arbitration is a lot cheaper and faster than going to court" My understandi

"Arbitration is ubiquitous because even at the cost of hundreds of dollars per hour arbitration is a lot cheaper and faster than going to court" My understanding is that arbitration is only a thing in the modern world because there is a law allowing it, and the law only allows it because of "activist judges" interpreting it, although of course we don't call them that.