Yes, but instead of reinventing the wheel, you'll go out an buy a whole new car.
I *like* my car. I don't want a whole new car. I want this car, just with a different radio! That other car does not perform like this one does, really at all. I'd have to drive this new car around for quite a while, and then do work on it, and drive it in a way it really isn't intended each and every time I go for a spin, to get it to perform the same as the old one. So, why not just replace the bit that I don't like?
Yeah, I have found things in my cars I've owned that I didn't like, but- with the exception of things that actually broke or wore out- nothing annoyed me enough to change them out for aftermarket parts.
I guess its my personality.
You mention GURPS as an alternative. Yes GURPS has the point buy... but the play experience is rather different from D&D, with the different probability distribution, different views on hit points and magic, and all that. So, if I like the gameplay at the table of D&D, GURPS is probably not a good replacement. For each alternative you mention, the same basic argument will hold - those other games survive by *not* being D&D, by offering something substantially enough different that folks will sacrifice the network externals to get that different experience!
Don't get me wrong - I am also mostly a "pick the right tool for the job" kind of GM. But I can see the point. If D&D really is the right tool for the job except for one subsystem, then maybe replacing that subsystem is the way to go.
GURPS was never really my game, though I played it a lot in the early 1990 ('cause of my group)- I really wish you (and others) had been around for my D&Dized Fantasy HERO games... Because both games tend towards the cinematic side, the feel was pretty close.
Even I though I'm a big enough HEROphile that I think I can use it for damn near anything, I currently own wound 60-70 RPGs (down from @100) because I am primarily a right tool for the job GM. I really don't like importing one games' sub-systems piecemeal into another's. The closest I have come is when:
1) I almost imported HERO 4th's martial arts system into 2Ed D&D...but that's because they had a conversion chapter to do that in Ultimate Martial Artist. I didn't do it because it really would have been a wholesale replacement of the 2Ed combat rules. If I'm going that far, I might as well run HERO.
2) I use random character background generators from games like Traveller, or from a free-standing product like the Central Casting books.