The main argument seems to be that the metadata involved here is to do with the site, not the page, whereas <meta> tags should be for resource-specific use.
Edit: Additionally, how does what's in the pinned menu get updated? Does it need to make a full page request to get the new items? This will needlessly inflate pageview numbers in that case (I'm sure the "fix" for that will be that Microsoft will change the User Agent to say that it's not the browser but rather than pinned menu making the request). As for implementation, does the browser create the menu from the this and it's static? Or does the URL to the page get passed to the menu bar where it is pinned and then the menu bar is responsible for making the request? Or does the browser actually run the menu bar -- this seems like the wrong kind of integration.