I think the phrase "Abolish the Police" is jarring because it brings to mind anarchy and crime explosion, etc.
Really what you are advocating for is the abolishing everything we know about the institution of police and instead standing up some other institution which would ACTUALLY serve the same vision statements and mission statements and practical purposes which you could call Xolice.
I'm with you in spirit, but the glaring issues I see are in practicality.
You are going to have to hire McKinsey or someone like that to come in and the organizational change management is going to be a nightmare. Imagine the optics of paying McK $1bn to stand up a nice police institution.
Also you will have to manage a transition, probably a tiered and over time, so you have the old police institution rolling off while the new one onboards. You can't just flip a switch on something like this and have any gaps or downtimes or literally (lots) of people will die. Not just criminals who are going to criminal no matter what, but especially if opportunistic criminals can exploit gaps and holes.
So this whole venture is going to cost billions if not trillions and take decades. In order to justify the lift there will absolutely have to be quantifiable ROI and improved metric forecasting. That's a $100mm and 5 year engagement in professional services just itself.
This is the tip of the iceberg on why I think "Abolish the Police" is a fun internet battle cry but realistically a 0% option.
"Reform the Police" is the only practical option at our size and scale.