I honestly think its not that bad. Elm essentially does that, and its arguably more productive than React's ecosystem.
You might just want to optimize things a bit by making non-leaf components take a simple "model" prop (that contains all the properties they need) to reduce friction a little, but aside for that it might even make code better by forcing a more thoughtful component hierarchy.
After all, if component A renders component B, then A really DOES depend on B's props. Magically having B kinds of hide dependencies.
After all, short of using DI containers, if I have a function that calls another function that calls yet another, I DO pass arguments all the way down. And React components are semantically just functions.