I'm not quite as pessimistic. These are solvable problems. It's just taking a really long time.
The whole office software system hasnt evolved much since frameworks on my brothers XT 25 years ago. By that i mean it is still as painful, it sure has more features now.
If you have a completely plain vanilla document -- no formatting, no line breaks, no headers, no footers, no tables, nothing -- then OpenOffice/LibreOffice's tracking is good enough. But documents are rarely that simple. And, unfortunately, your lawyer or VC or potential acquirer really isn't interested in discussions about document formats. They have better things to do, and they expect you to be able to communicate with them.