Yes, the email system could be better. But for something that was designed decades ago it works surprisingly well. Should somebody try to do some smart parsing of failure notifications to make them more readable? Sure, I don't see why not. But don't pitch the baby out with the bathwater here. The underlying system is not that bad.
It is that bad. Email works and gets stuff done, yes, but at the expense of your time, server time, storage, network throughput. It is used for much more than it should, and is long past its expiration date. Sadly, we've all come to depend so much on email and how it works today that changing it would be like suddenly having to breathe underwater. It'll take a load of time to get used to whatever comes next.
E-mail is like democracy. It's the worst messaging system, except for all the others.