I think there are now too many extended stops in football, too. But that's what the sport is from the opening kick on. It's isolated plays with stops in between, but the plays themselves are action-packed and intense. You also can't dictate what the other team does on offense at any point, you just have to stop them.
In basketball, not only are there extended stops at the end, far more so than at any other point in the game, but only when one team has the ball is there any actual action. You can dictate what the other team does by just immediately fouling them and sending them to the FT line. It allows for closer games sometimes, but it also feels artificial and cheap. It is just a feature of the way the sport works and the way it's officiated, though, you're right. And I've always had an issue with it. The Elam ending is an interesting idea to get away from that, and I also think refs more willing to call intentional fouls would also help avoid it as well. Figure out a way to force the defense to try to get stops or steals rather than just fouling the other team as fast as they can.