We're still doing this for two reasons: it's easy and it works surprisingly well. More complicated solutions would be difficult to implement and would probably be less flexible. It's just difficult to be significantly more efficient than somebody really good with Emacs using mostly code agnostic tools, except in real edge-cases (finding the right variable named x our of hundreds of xs is going to be difficult, but if your code looks like that you have bigger problems).

Also, I really wish the myth that "point and click" is inevitably superior would go away. It may be easier to learn, but my experience is that with some practice keyboard-based programming tools are almost invariably faster.