Ego must go because it is your enemy within. As someone had said that ego competes all the time with your spirit for control over your inner voice. It bloats you like a balloon beyond its capacity and goes 'phut'. The same thing happens with those who can't control their ego.
Inspirational writer Ajit Kumar Bishnoi, in his latest book, Spiritual Sense ---The Principles, quotes the Bhagavad Gita that there are two types of ego--- the real/good ego and the false ego. Those with real ego take pride in their eternal soul; but those with false ego take pride in the greatness of their material body and position.
Generally, when we call someone egoistic, it means that the person is foolish enough to think that his position and status etc. make him a great person. He fails to realise that he is standing on a podium that could collapse any moment.
One should understand that one's wealth and position etc are of no use until they are of use to others.
Only humility can make one think this way and make one understand others’ difficulties. That also makes one realise one's mistakes to take early corrective action. A wise person is one who realises his mistakes. Only an egoless person can hope to do so. As Bishnoi says, one should be great enough to laugh at one's own mistakes and unbecoming behaviour.
One should be smart enough to learn from iconic people who could reach where they are today just because they knew their real worth and did not make a fool of themselves. Lord Tennyson perhaps had this in mind when he said," I am but a fool to reason with a fool.”
There is a cute David O. Russel quote on ego in the context of boxing: “The most beautiful thing that I like about boxing: You can take a punch. The biggest thing about taking a punch is that your ego reacts and there is no better spiritual lesson than trying not to pay attention to your ego’s reaction.”