How about soriorities? I mean, they're the equivalent for a reason. Most frats are assigned a "frat brotherhood-sisterhood" thing with one another (Forgot the actual name) so that both genders hang out and interact a ton.
Look, I think there are plenty of "good" frats. And lots of good frat people, obviously. The issue for me is the idea of putting teenagers under the "wing" of 20 year olds with arcane rules, single gender institutions and creating either the image or in some schools the actual fact that without a fraternity or sorority, you're screwed socially. It breeds exclusivity, defacto aristocracies, and as we see time and time again, toxic mini-cults.
You could wrap that system in any kind of branding - and end up with really concentrated negative results. Which is the problem with the system. And let's be honest here, we all know frat people and we all know institutionalized idiocy, including racism and homophobia from people who wouldn't otherwise be racist or homophobic (often inheriting 100 year old attitudes from the house or local bigotry from the institution and literally learning these by rule and by rote), and date rape. That alone, even if it were just one frat per school (and let's face it, it's a lot more than that) would be reason enough to consider shaking up the way we teach our young men and women how to become adults.
It's (the scale of it at least) a uniquely American phenomenon and I think it creates social retardation, and unhealthy networks of "old boys" and mini plutocracies later in life. I cringe when forty year old executives make that connection in real life.
It's literally Lord of the Flies: Party Edition.
I'm not saying kids should be banned from creating groups, or living with people they want to live with - but people do that naturally, organically, based on shared interests and compatible personas, without creating men or women only clubs and I'd argue that in other countries, kids grow up a bit faster because they're not coddled by an infantile institution and are exposed to broader types of thinking and vastly more diversity by going to college and just living like an adult.
Anyway, I am still all for beer bongs, house parties, and possibly even Togas. It simply doesn't need the cult trappings or quasi-legal structures.