Yeah, this logic seems to be: you can't completely protect the players from all risk, so there's no point in trying to protect them from ANY risk. The defect in this reasoning is obvious. It's never "all or nothing." It's about exercising intelligent judgement without undermining the essence of the game. Foofram argues that fighting is part of the essence of the game, but doesn't explain why. And I don't see why it has to be, myself, any more than the red line or the "no forward pass" rule did.
In fact, fighting isn't part of the intrinsic structure of the game in the manner of, say, bodychecking, another dangerous injury-prone activity whose removal I would adamantly oppose. The proof that fighting is not part of this intrinsic structure lies in the fact that it's already against the rules; and that fights hardly ever happen when games mean the most (playoffs, Olympics).
I also agree that the instigator rule has impeded fighting's ability to serve as a self-policing mechanism. That's a dumb rule and never should have been implemented.