I actually prefer a date-based approach to release naming. Given continuous flow of kernel development, I would advocate for releasing a major every year, a minor every month, and patches as needed. Gives you better indication of how much behind you are by just looking at the version.
It seems likely that the people that have been doing this for decades have a reason for the current methodology. Generally how far exactly you are behind mainstream is useless information it produces exactly zero actionable intelligence. For most people in fact no amount of information would be actionable because mostly what they ought to do is run whatever their distribution comes with. For those who do indeed need…
Its just the major version that is always redundant because Linux never breaks userspace compatibility.
But of all software projects the Linux kernel is definitely not a poster child for having a reasonable methodology to versioning. Just some choice released kernel version names: 0.95, pre2.0, 2.2 and 2.4 but no 2.1 or 2.3, 2.6 lasted 8 years, 3.19 - 4.0 because Linus felt like it, and 4.20 -> 5.0 because Linus felt like it.
The only consistent number has been patch releases.