The failure mode for the arrogant is different from the failure mode of the humble. These are deep personality traits, that are hard to change; I think the better idea is to manage the drawbacks of whatever you have (and to be aware of it - since most people are arrogant and humble in different situations, we might not be self aware as to what is the dominant trait).
It's certainly useful to be arrogant with respect to action, for many reasons. It's often useful to be humble with respect to knowledge.
But don't confuse epistemic humility with social humility. I think I am much better at predicting most technological innovations than almost everyone. Why? Because I know that the uncertainties in any prediction are much higher than any predictors seem to admit, and they positively reek of overconfidence, even when they disagree with almost all other predictors. So my attitude seems to be an epistemic humility that causes a social arrogance.
I have this belief that humility is a part of good critical thinking, and that egoism undermines it. I imagine arrogance as a kind of mind-death. But I have no evidence, and no good mechanism by which it might be true. In fact, I know the belief is suspect because I know that I want it to be true — I want to be able to assure myself that this or that intolerable academic will be magically punished with a decreased capacity to do good work. The truth could be the opposite: maybe hubris breeds confidence, and confidence results? After all, some of the most important thinkers in history were insufferable.
Is any link, positive or negative, between arrogance and reasoning too tenuous to be worth entertaining? Is humility a pretty word or a valuable habit? I don't know what I think yet. Do you?