The retaining walls that have been erected in your neighborhood may have been badly built. If it is without reinforcement or a proper foundation and footing, the wall will be more vulnerable to cracking and even catastrophic failure.
Any of the above problems can compel you to replace rather than repair your retaining wall. However, you should not make any moves in this direction until you have consulted with an experienced professional. You need an expert to make a full assessment of the wall before you make your final decision.
It is also important to hire an expert crew to carry out the job. The replacement of your retaining wall is a major project. It is not something that you should embark on lightly. It is vital that people with the right qualifications do the work to replace your retaining wall.