@MITer94 They are called “Greek” societies because their rituals are patterned after ancient Greek rites that included what amounted to a pledgeship, initiation, and revelation of secret and eternal and guiding truths.
To the OP, it is very common for people who enjoy things earlier in their lives to come to the conclusion as older men that things like fraternities are sophomoric and in need of abolition. But sophomoric things are perfect for sophomores, and juniors and seniors, too. These are organizations designed for young adults, not to please old men.
I can assure you that there are underage drinking deaths, drug problems, academic fraud, date rapes, credit card theft, wire fraud, and even hazing outside the Greek system. The only difference is that when something bad happens in a fraternity house the entire chapter ends up getting the blame. Maybe we need to start blaming the entire dormitory when something bad happens in a dorm, and perhaps just go ahead and ban dorms as a way to solve these problems.