My biggest issue with this format is that they view asthetics higher than gameplay.
I want to play a format like this; I don't want to buy old fetchlands/etc when I own new ones, just because of the asthetics of it.
Same issue I have with Old School.
A big part of the Old School experience, for me, is seeing all kinds of older cards that have been since outclassed, in all their original glory. I like that the format makes them playable again, and for me allowing all kinds of reprints just destroys 99% of the reason to play in the first place, which is to see these iconic cards in their original form. The art and overall aesthetics are the driving force of the format I think, way more than the game play itself (though this is a lot of fun too). Most tournaments feature alcohol; my experience has been that I don't particularly care about the outcomes of my games and matches so long as I get to spend an afternoon bullshitting with folks as passionate about the classic cards as me, and seeing sweet cards! 7th edition City of Brass is not sweet. Neither are Ravnica Birds, or the alternate artwork on Wrath of God, or any number of cards that they changed.
Seeing these reprint cards get played at events really just takes my experience down many notches, they destroy the feeling that you have jumped into a time machine. It's just so jarring. Issues with the aesthetic standards are the most common complaint/divergence in understanding that I see regarding these types of formats, maybe the above can help explain why these rules exist, and why I feel they are 100% necessary when talking about throwback formats. Another minor consideration is that a first print only policy makes it easier to at a glance determine if a card is legal or not.
At least in the US, Oldschool doesn't have to be backbreaking, since they allow Revised edition cards and also Fallen Empires, which can help fill out decks because of the pump knights and hymn.