So what's a dividend reinvestment program? That's where a dividend paying company will allow you to take your dividends in additional shares of stock instead of dividends in cash. It doesn't increase your return but it does allow you to build wealth through increasing shares of that stock. Hopefully that stock's price is also increasing over time. So increasing how much you own while the price goes up is the classic way to build wealth. It's a compounding activity.
So now that the definition is in place - what's better than that? Let me begin with what's wrong with DRIPs. DRIPs cause you to build a position in one company stock - that is concentration not diversification.
In investing, concentration is our enemy and diversification is our friend.
What's better is a highly diversified, low expense ratio mutual fund where you have directed your advisor or your custodian to reinvest profits and dividends. Now when those dividends come in, you are diversifying them into the entire fund - hopefully thousands of stocks. When I write highly diversified, I mean thousands of securities, not hundreds or tens. In our case, across the entire portfolio we exceed 10,000 stocks.