Yes, I understand that it would be imperfect since inevitably not all servers would support it thus forcing additional understanding and decisions on the end user. No, I don't care that a user other than myself might leak my messages in plaintext. Perfectionism in this regard only serves to further shoot us in the foot. Yes, I understand that key distribution is a difficult problem but then that's the case no matter the protocol. Other protocols have solutions that work reasonably well at this point.
There's no justification for the current status quo.
Alternatively I'd be fine using matrix for all my PII related needs (healthcare, government, subscription services, etc, etc) but somehow I don't see that happening any time soon.