Why is the World Championship time control this way? It seems overly complex and promotes bad moves

After the game yesterday, it seems clearer that the current time format is rather artificial and also provokes the players to make poor moves.  Around move 40 both players were scrambling to reach time control and missed chances.  This is quite odd - it results in chess games where the accuracy decreases markedly at arbitrary points.  Any annotated game would have to say "these aren't great moves but in this particular tournament there was a limit at turn 40..."

Of course as in any tournament players need to manage time well.  But why have 2-3 distinct deadlines (2 hr for first 40 moves, etc.) when just one seems like it would do?  For example, just say 3 hours with a 30-second increment from move 1.

This would give players less to think about on the "time", in order to have more mental capacity to think about the "chess" side of things!  Any glance at the clock would give them an instant idea of how much they've used, rather than needing to read multiple numbers and calculate further.

Perhaps the current system is to encourage faster moves at the beginning for entertainment.  I have no idea.  But I think people are entertained more by good chess.  And as we've seen, forcing "fast" (relatively) beginning moves doesn't seem to have much to do with whether the game itself is quick!  So this doesn't seem like a good reason for the current format.

If you think the current system is perfect, why?  If time complexity is good, then would you like to have an even more complex system, perhaps with 10 distinct segments instead of 3?  Why or why not?

I'd be happy to read any explanation or history as to why the time format is like this.  Thanks!

More time = less mistakes = more draws.
The time control at move 40 is artificial and stems from the era of analog clocks without increment.
I advocate a time control 90|30.
It is faster than now.
It will lead to less draws.