Besides click making is there any other reason for fraternities(greeks) to exist in colleges?

I mean, they serve no purpose other than create a level of exclusivity during and after college. Silly secrete handshakes etc... come on! Can the coward get any more ridiculous... I remember this thngs back in college and feel so ashamed for them!!! What is your take? Please no silly member self-defences... I was in one for a littler less than 6months, so I know better! I was even able to talk my way out of hazing!!!