Wrapping text is a bit tricky because of differences in text wrapping algorithms. Though I suppose an "easy" fix would be to be able to specify a very specific algorithm (to ensure equal representation across systems), or allowing custom (possibly better-quality) wrapping.

But for the most part, I 100% agree, and I've been considering making a format for my own use-cases. I think the biggest issue is in agreeing as to what subset is necessary; plus, of course, getting any level of adoption (though the latter isn't a factor for my own use ... except in the sense that there are no tools to help).

For example, do we need animations? Gradients? If so on the latter, what kind?