Disclaimer: I have the Reversal badge but only on a site meta.
Yes, let's get rid of it. Gold badges are generally intended to be awarded when someone does something great for the site. Many users miss out on their second Reversal badge because their first badge-qualifying answer is already deleted along with its question. So it looks like it's just a gold badge for an individually impressive accomplishment, not something that helps the site. In themselves, badges celebrating individual accomplishments that do nothing directly for the site aren't bad (cf. Fanatic), but if they start materially affecting site quality, they need to be dropped like a hot potato. Requiring multiple users to close and then delete a question that's not good enough to stick around even with a +20 answer is bad for moderation loads — the Roomba should be handling such low-quality questions on its own without delvotes and possibly without close votes — and it sure doesn't help site quality any.
Its original purpose — encouraging bringing clarity to bad questions to turn them around — is arguably better performed with far fewer negative side effects by the newer Illuminator series of badges, or the proposals for a badge that require the question to hit a positive score after the answer is posted.
What's more, the existence of this badge is frequently taken as a proof that freely answering bad questions is part of site culture and should not be discouraged, even if those answers systemically harm site quality. So, Reversal is a broken window. A gold badge nominally for quality that actively reduces quality and distorts policy decisions. A celebration of easy upvotes over careful moderation.
Burn it with fire and salt the ground.