Almost all the comments here are about things that really possible to do in current Emacs i.e. 'feature-requests' and not "fundamental pitfalls of this foundational application". For me, it would be just: - Redesigned with concurrency in mind. - Common Lisp, Scheme, or anything else other than Elisp. [Just the same way Neovim adapted Lua instead of VimScript] - More sane defaults for new users.
This could provide a much simpler full featured ‘base’ state for the app, that can then be customized from that point or can be stripped back by removing the more common add-ons and customized from the ground up.
It would in some ways necessitate a strongly opinionated set of defaults and an additional focus on documentation, but I think in the long run the app would benefit from higher retention.