Of course, but not in all applications and situations. What does it mean to link to the middle of a Farmville game session? It's by definition a transient state within a process that does not need re-linkability or history. Similarly, we've been using desktop applications forever with no notion of addressability. You don't send an image with the expectation that the recipient can jump into the middle of your editing actions in Photoshop.
When a web application is fundamentally about an interactive process rather than publishing content, the notion of back and history can lose much meaning. Using Back as a universal undo button or a URL to bookmark any arbitrary slice of content does not hold up in the world of more complicated AJAX partial dynamic page updates. Should designers continue to contort Javascript and the very notion of URLs to satisfy this increasingly-misplaced user expectation, or work to educate users that sometimes "Back" or bookmarking cannot have a meaningful result?
Nobody expects a "back" or "undo" button in everyday activities like driving a car or cooking or making social conversation. How did this expectation become so irreversibly fundamental in computers?