Due to multiple harms – psychological, physical, and environmental.

Unsatisfied materialistic pursuits can override and crowd out the pursuits that are more likely to impact well-being. 

Higher rates of depression & anxiety, and less satisfying personal relationships among others.

To reform capitalism, we need to teach people how to overcome mindless consumerism (the cause of many of our health problems and more) and work toward becoming financially independent.

Time.  Those who value more time are happier.  Moreover, even if money were your goal, you should aim to live well within your means so you can invest more – thus giving you more control over your time.