Given a case where someone with permission to push gets compromised and a malicious actor can pull this sha-1 attack off, aren't there bigger problems at hand? The history will be there and detectable or if they're rewriting history, usually that's pretty noticeable too.
I may be totally missing a situation where this could totally screw someone, but it just seems highly unlikely to me that people will get burned by this unless the stars align and they're totally oblivious to their repo history. So I guess I agree with the "the sky isn't falling" assessment.