When I, the owner of an application, choose a library (libuseful 2.1.1), I think it's fine that the library author uses other libraries (libinsecure 0.2.0).
But in 3 months, libinsecure is discovered (surprise!) to be insecure. So they release libinsecure 0.2.1, because they're good at semver. The libuseful library authors, meanwhile, are on vacation because it's August.
I would like to update. Turns out libinsecure's vulnerability is kind of a big deal. And with fully hardcoded dependencies, I cannot, without some horrible annoying work like forking/building/repackaging libuseful. I'd much rather libuseful depend on libinsecure 0.2.*, even if libinsecure isn't terribly good at semver.
I would love software to be deterministically built. But as long as we have security bugs, the current state is a reasonable compromise.