The reason this simple mechanism works so well is that it gets rid of personal biases and instead taps into a community of listeners listening to the same stuff. Confirmation bias is the core issue here. I don't want confirmation bias. I want my biases challenged with new things. Not randomly new but based on what others are listening to that listen to similar things. And not just randomly based on everything I listen to but on specific things that I'm playing.
Vector similarity of artists could be an interesting angle. But it would probably risk pulling out a lot of cover bands and imitators. You want stuff that is close but not too close.