I 100% agree, but think there is no chance of this happening. The incentives simply do not line up, and some sort of all-or-nothing transition is needed.
It's not (exactly) my community, but SIGMOD has been trying to do this since 2008 with the "repeatability/workability committee." See this:
http://www.sigmod.org/sigmod-pods-conferences/mirrors/sigmod...
There's also an interesting FAQ about the repeatability requirements specifically here:
http://www.sigmod.org/sigmod-pods-conferences/mirrors/sigmod...
... as well as various follow-ups from that work, if you search on Google Scholar.
The issues as I understand them are:
1. Research code is often of poor quality, usually thousands of lines of unchecked output by a single graduate student. There are probably bugs, some of which may change the results. In the absence of code, results are assumed to be correct. It takes substantially longer to write good code, and hurts researcher "output" to do so. As a result, good quality code is actively discouraged.
2. Releasing code and/or data usually makes it substantially easier for others to duplicate or catch up to your research program, which is seen as a disadvantage if you are still in an area. It may lead to more citations, but that probably isn't enough for the effort. Other researchers also have an incentive to try to find bugs in the code/data, which they may overstate as they try to get their own work accepted.
3. The code and/or data itself my be copyrighted or have unclear distribution terms, for example, if you are doing experiments on a web crawl.
4. Actual production quality code that does something useful can be used as the basis of a startup or other venture, especially if the researcher is the only one who has and understands it. Furthermore, research groups can make money licensing their code to outside companies if they do not release it openly.
5. Many (most?) industrial papers involve code or data that cannot be released. Ultimately, in highly competitive conferences, it is hard to balance "unverifiable" papers written by industry with academia papers. A blanket ban on papers without code or data would remove a huge number of industry contributions, but an optional requirement for code or data mostly continues the status quo. Many of the most interesting recent papers (e.g., MapReduce) might not have been published with a code/data requirement.