I don't think they need to back out of the wants and fears system, but I do think it needs to be much more refined.
For instance - a Sim who's been stuck in the same, lower-tier job position for a prolonged period of time without promotion could realistically get the 'dead-end job' fear, and have it resolved by either switching career or getting a promotion, or trying their luck with the 'regain passion' thingy.
On the other hand, my Sim who started out life with the fortune aspiration, is a workaholic, goes to work on weekends without pay (and once at midnight) autonomously, lives in a penthouse, is at the very top of the investor career track, and got a pay-rise that day, absolutely should not be coming home worrying about being stuck in a dead-end job literally every day, and within a couple of days once curing it. She's literally famous because of that career! That makes no sense whatsoever.
If they can refine the system so that it a) makes more sense and b) isn't so incredibly frustrating to deal with (my Sim is almost permanently stuck in the 'tense' mood now because of this and it sucks), then I'm all for sticking with it. The issue right now is that fears are incredibly frequent, make no sense, and are verging on game-breaking to deal with. As it stands right now, it almost seems like nobody play-tested the system for more than five minutes before implementing it.
If they can't refine the system, they need to disentangle fears from whims/wants, and let people turn them off independently.