Referenda are no panacea. As you say, partly they're expensive. But also, there's good reason to prefer representative democracy over direct democracy- for comp

Referenda are no panacea. As you say, partly they're expensive. But also, there's good reason to prefer representative democracy over direct democracy- for complex topics people aren't informed enough on a topic to decide, the referendum can be decided by a small group of highly motivated voters who don't agree with the what would be the majority view, and it's difficult to present a complex issue on a ballot paper. It's also very easy for highly motivated corporations to spend a huge amount of money to win a referendum on a topic that massively effects their profitability but has low salience to the general public. Remember, the FCC determine these rules and they are run by presidential appointees, so it's not completely anti-democratic.