The flaw with such a strategy is that it does not scale. (We used to do exactly what you described). In a big "eventful" app, you will have way too many events to keep track, and you will constantly be browsing trough different modules to understand the chain.
Lets assume the user clicks somewhere, so an event is fired "user-clicked-x" that model A listens to.
So you know that model B needs to change as well and you fire a new event type from model A, say "model-a-changed-because-of-user-clicked-x" or a more generic event, say "model-a-changed".
Both will cause headaches, because they require a quite high cognitive load. With the generic one, you have the issue that sometimes you want A to change but not B, which leads to lots of conditionals (all of which you need to remember).
With the specific one, you have two events that mean almost the same, but are different. With every model C and D you need to carefully evaluate which event you listen to.
In isolation, this is perfectly fine.But if you have 10+ of those things interacting with eachother, it will be a big mess. You will have 30-40 different events, that map out a hierarchical order that you need to track down through multiple modules every time you change something.
If you do not abstract the chain away, the complexity is simply too high. You'd have to keep roughly 15-20 links in your head, which is too much. With Flux or similar patterns, you just have to keep one pattern in your head.
In the end it's a simple story of abstraction. Your mind can only deal with a couple of different things. If you reach the threshold, you need to abstract. Flux shows one way to do this (and it is only useful if you've reached the need for abstraction threshold).
Having one or two short event chains is perfectly fine. If you have 5 different user interactions that have a complex ripple effect through the state of your app, you need to do something, or development speed slows.