The fact is, you don't need to have a high energy density with hydrogen, as existing gas stations can be used to quick refuel a hydrogen car (with robotic assist, perhaps), without the logistical mess that comes from swapping an extremely heavy, very expensive, potentially user-abused battery with another one. You can even burn hydrogen in an ICE engine, as BMW has demonstrated.
The Honda Clarity FCX, a hydrogen powered car, is the only other car to achieve Type V California ZEV credits besides the Model S. Perhaps that's too much competition for Musk. The range of that car is 240 miles.