At this point, doesn't it make more sense to have fully arbitrary strings as domain names, and use something like the last 2 characters to map to the appropriat

At this point, doesn't it make more sense to have fully arbitrary strings as domain names, and use something like the last 2 characters to map to the appropriate top level entity ? The explosion of top-level domains doesn't seem to serve any real practical purpose except moving money around, and moving to a better system altogether would be the logical step. Or does it solve any technical problem ?