If we keep slow chess, then people have a choice: play fast chess or play slow chess, or play both.
If we get rid of slow chess, then people have no choice.
Personally, I want at least two minutes per move in an over-the-board, rated game, but already, that's vanishing.
I thought chess was supposed to be a game of thought, not of instant reaction.
I actually have quite a few blitz wins from the last five years that I still relish - wins over masters and IMs, wins that have stories related to them, wins with beautiful play that I saved and/or published, wins over much stronger players, "watershed" wins when I suddenly discovered that I'm not afraid of a player who used to pwn me... etc.