There was some attempts at change review (called "pending changes") that is used on very continous articles, but it never really scaled that well. I think its more popular on german wikipedia.
Wikipedia is so dominant that it has kind of smoothered all alternative models. Personally i feel like its kind of like democracy: the worst system except for all the other systems. All things are transient though, i'm sure eventually someone will come up with something superior that will take over, just like wikipedia took over from encyclopedia briticana.
It may also hearten you to know, that small, consistent actions like yours, make these collective systems run.
Perhaps we should trust it more because it is fluid and that fluidity is documented (see the history and talk tabs for any given article). Historically, reputable sources depended upon, to a very large degree, the authority of the author. The reader typically had little to no insight into what was generally agreed upon and where there was some debate. How the Wikipedia exposes that may be imperfect, but it is better than nothing.
This has nothing to do with the information itself, it has to do with human emotions and resistance to change.
We do this in software all the time.
In software if there's a critical bug sometimes we accelerate a fix. We can have a process like that for "wrong information". But you'd think most articles about established topics should not see a lot of churn. Yes- Sometimes they find a new fossil that calls some preexisting science into question, but these are relatively rare events and we can deal with that e.g. by putting a note on the relevant topic while the new article gets worked on.