Alignment was cool mainly for informing the Cosmology and Cosmogony of the game universe. I'm probably in the minority now but I still consider all the stuff from the first second and third editions of D&D to basically still be operating in the background at the story level. Its just not highlighted as a major feature of the character build anymore like it used to be. They still thump on the religious lore and whatnot in Faerun, but its not presented with the same organization Axis or relationship to the planes or like what happens when the character dies ala planescape themes.
I think the 5e approach is fine, its probably simpler on the player while not specifically negating the Law/Chaos Good/Evil way of thinking about stuff from the RP perspective. Just not as relevant to the mechanics now post 4th ed
I'm of similar thought.
Like Paladin is no longer limited by alignment from a mechanical view but....
A paladin of Bane would likely still be called a "blackguard" in-universe and a paladin of Tymora would likely be called a "champion" or the like.
In-character uses of "Paladin" would probably still be limited to the traditional holy/good knight types.
