My argument would be: it's the most frequently used function/command in projects where one iterate your way to the final product. E.g. automotive industri has a typical turn around time of 2 - 7 years. During this time one has replaced, above mentioned, countless times within one file (Part).
For those of you not familiar with the workflow of the automotive industry, one usually create a few files (Parts) for concepts at the beginning of a project.
These files are then copied and pasted with the command "Break link" to assure no links goes back to the original file. After that one starts to refine one, or more, aspects of the design.
And this is where the "Replace" -command comes to rescue. The timeline is, as always, way to tight so anything thing helping in cutting corners is heavily utilized. There's simply no time to redo all the stuff in a file between iterations, one must reuse as much as it is ever possible. When the project ends one typically has 25 - 150 copies of copies of copies of ...
This to be able to easily fork off a, for the moment, good enough solution and continue on that branch. If/when that branch/solution proves to not stand up the task one must make a fork of some previous file(Part) and continue from there.
By the way, isn't it how you codies work?
I guess this one is for you guys?