It's all just software. There is essentially no limit to what we can make software do as long as the hardware supports it. And there's no hardware limit I know of that says version-controlled databases can't work. We just need to figure out how they will work, and then make 'em (or try to make 'em and in the process figure it out).
> And it's not like you wouldn't need migrations with a versioned schema, as otherwise a rollback would mean data loss.
When you roll back a code change, you don't lose code, as it's still in history. If you need to revert but keep some code, you branch the code, copy the needed code into some other part of the app, revert the old change, merge everything. If on merge there is a conflict (let's presume losing data is a conflict), it can prompt you to issue a set of commands to resolve the conflict before merge. You could do all of that in a branch, test it, merge into prod, and on merge it could perform the same operations. The database does all the heavy lifting and the user just uses a console the way they use Git today.
It's probably going to be required to lock the version of software and the version of the database together, such that both are changed/reverted at the same time. But because this is version control, we could actually serve multiple versions of the same database at the same time. You could have the database present two different versions of itself with the same data COW-overlayed for each version, and two different versions of an application. You could then blue/green deploy both the application and database, each modifying only its version. If you need to revert, you can diff and merge changes from one version to another.