Bookmarks in books work okay. You move them. Book marks in browsers don't. You have to remove the old one, add the new one, and the overall process is too cumbersome to be useful for the application I mentioned.
As to the auto-updating bookmarks, would it resolve the issue if I made an extension to do that for you? I can see the use, honestly, and I like it. (seriously, I'm offering, and I'd probably use it myself. It'd be an interesting project. Even if it doesn't resolve the issue - we might just fundamentally disagree here, I'm OK with that.)
But why should that be part of the browser, when modern browsers allow you to do damn near anything by simply leveraging it? Why should we rely on browser makers to tell us what's possible, when we can do it ourselves, because of the changes in the past 15 years?
As to what should and shouldn't be part of the browser -- the way to figure that out is experimentation and competition. When you make technologies and standards simple and easy, people will make independent implementations and try things. The vast majority will be dumb, but some (often unanticipated ones) will turn out to be useful, clever, or brilliant. That's how the technology improves.
When you make standards big and cumbersome, progress stops.
If you want to read through a site's archives, what I do is keep it open in a tab. It is restored when I reopen my browser, saved if I reboot, etc. It's not as handy as a bookmark, but it comes close.