Open world games need two types of fast travel. The first is your standard type, which is pretty much a teleportation ability. That should be greatly limited. At most, just for cases where you need to travel across the entire map, and should be hidden behind some kind of in-game explanation like "you're taking a boat/plane/subway" or whatever.
The other one should be some way of moving really fast across the map so previously explored areas aren't a chore to move across. Literally fast travel, and not teleportation. And no, conventional solutions like horses or cars is still not fast enough. It's still minutes of mindlessly moving from point A to B in most cases. It needs to be truly fast. Spiderman 2 actually did explore this concept pretty well, with ideas like catapulting yourself or using a wingsuit to glide long distances. Other games need to come up with someway of allow players to cross huge distances in in a few seconds.