Reducing technical debt by rewriting everything from scratch (almost?) never works. It's the baby and the bathwater. It's the sort of thing that seems attractive to junior developers, but more seasoned folks know that the legacy system contains years of embedded knowledge and workarounds for "real world" issues. The new, conceptually beautiful system always fails to capture that embedded knowledge, and ends up breaking many things in many ways for many people.
Perhaps we did need a new display server, perhaps Wayland is conceptually better than Xorg, but it'll be many years before it reaches feature parity, if it ever does.