we have slander and libel laws.
We do indeed. But as they currently stand, they pose two obstacles to anyone thinking of suing for those things (at least anyone with modest means):
(1) Generally speaking, people bear the cost of their own litigation, even if they win.
(2) It can be very hard to prove what your actual damages are in a slander or libel situation, and courts are likely to decide on very low numbers in cases where the plaintiff isn't wealthy (since, in theory, any loss of earning power from being defamed has a low dollar figure, if your earning power was low to begin with).
Because of those two things, people can be in a situation where even if they win the lawsuit, they wind up worse off -- like spending a hundred thousand dollars to litigate, and only getting a few thousand dollars of damages when they win.
For the wealthy, that's a smaller issue, since they can afford even the most ridiculous of nuisance suits merely to inconvenience and impoverish their adversaries (e.g., Deven Nunes suing Twitter and a Twitter account holder over a satirical account purporting to be run by Nunes's cow). But for poorer people, such lawsuits are generally not a practical possibility, since they can't afford the legal expenses.
The reforms I'm talking about would address both prongs of that problem. It would allow those who are successful to recover reasonable legal expenses, in addition to actual damages, if they win, so that even poor people could sue with a contingency arrangement with the lawyers. And it would make it so that libeling or slandering someone, even someone with very modest earning potential, had a fixed minimum price tag associated with it, so that poorer people could hit back hard enough to create an incentive not to prey on them that way.