401Ks and Roths are the best thing that ever happened for retirement investment firms. Options have gotten better, but forced investment in constrained funds with fees that far exceed returns is hardly the best thing for investors.
You sort of neglected the tax incentive which is why they are so attractive. The Roth IRA is the most attractive of all. How is your savings account doing?
Most larger companies have 401k options with low fees like Vanguard ETFs. Smaller and medium companies could have those options but many don’t. Adding company match + huge tax savings immediately (and if you make < 30k/yr, a tax credit), make the 401k hard to beat for most investors even with crappier plans.