I don’t think we can just get rid of compound interest. It’s akin to “just get rid of F=ma”.

Compound interest is an economic law of physics. In every day, in every moment, we make choices. Big or small, those choices affect the next opportunity, which affects the next, and the next after next, and so on. A series of really good choices can lead to exponential growth, and vice versa to poor choices. Compounding interest is a mathematical model to represent that. It’s literally the opportunity cost of capital.