I just say right turn to downwind and land
Have no problem with that idea if you actually land.
Now, if the runway becomes blocked while you are on late final (reason doesn't matter, nor does the consideration that such things are not commonplace) and, for whatever reason, you can't land .. what are you intending to do ? ... hovering on the glidepath for a while to think things over isn't an option in an airliner.
Not much different philosophically to saying that, given the reliability of modern engines, why bother with all this EFATO stuff .. just go ahead and takeoff AEO.