There _are_ ways to set up arbitration to be reasonably neutral if that's a goal.
One contract along those lines that I saw basically goes like this: each party picks its own arbitrator (presumably biased toward that party, whatever). Then those two arbitrators together select a third arbitrator, who will actually arbitrate the dispute.
Of course that's not what binding arbitration clauses look like, at all.
Note that arbitration clauses obviously do not sign away your right to sue, they just force you to put in a decent effort to go through arbitration first.
One contract along those lines that I saw basically goes like this: each party picks its own arbitrator (presumably biased toward that party, whatever). Then those two arbitrators together select a third arbitrator, who will actually arbitrate the dispute.
Of course that's not what binding arbitration clauses look like, at all.