This form of confession was universally practiced in the Church until the 1500s when Martin Luther rebelled against the Roman church. Confession was dispensed with by the reformers for a number of reasons. This practice was abused by both the church and the wealthy and was repudiated by the reformers. Finally, the practice of confession was synonymous with the Roman Catholic Church, so in an effort to divorce itself from identification with her the reformers abolished the custom. But the reformers' action was tantamount to throwing the baby out with the bath water.
Confession remains a commandment and it serves, even today, a sound purpose.
By eliminating confession to one another we lose accountability. In an age where everyone's a victim and no one seems responsible for their actions, this lack of accountability simply exacerbates the problem. Further, we miss out on opportunities to find release from guilt. Repenting and asking God for forgiveness when we have done wrong results in divine forgiveness. Many are those who live with guilt-ridden consciences because they cannot find relief within themselves, even after seeking Divine forgiveness.