NIP-28 used this approach, which I believe I had a big part in developing there at the time. Now to me it looks ugly, dirty, disgusting, a very bad idea. I still don't get why referencing an initial event is better than using the "d" tag. Both are arbitrary strings ultimately.

About not losing history, again, that's the same point from before: it has costs.

Also if these multiple versions were treated the same way normal events are today it would break the relay query language, as if you wanted to fetch multiple statuses from people, for example, you would end up getting multiple old status for the same person and none from some others that hadn't updated in a while -- and so on.