I'm uncertain that having to reimplement all your high-level drawing routines by hand and figuring out how to handle responsive and reimplementing all activation and behaviors on top of that is less complicated than just using what the DOM provides.
Even text wrapping must be done by hand when you're using canvas.
Text baseline is the tricky part - if you want to e.g. put a taller piece of text next to a shorter one, then they should be put together so they share a baseline, but there's no decent way to get the text baseline.
The hack I use is to draw the text in a hidden span, and put a 1px inline-block span next to it, and check where the 1px span ends up. This works though it is ugly.
However, I think you would still end up using a hack. The general idea of creating a replacement for the DOM has bugged me for a while too. It is a great to replace the DOM completely by a statemachine, I think. We need a New Document Model that supports "Batch Operations", is "Stateful" and uses the latest best performing algorithms published to do so.
Components are the CORRECT way, I fully agree with the facebook team here.
It seems that there is one guy who ALREADY DID all those things and replaced the DOM by something that's more akin to 2013's technology requirements. Link: http://www.nidium.com/
https://github.com/facebook/react-art
Canvas APIs are currently not as fast as the DOM renderer. There's also a lot of added complexity with regards to layout, text flows and text input. The code you'd have to ship down to solve all that with pure Canvas isn't worth it for a lot of applications.
For things that has it's own layout and no text input (like charts/data visualizations) or complex editors like Khan Academy's math content editor (http://bjk5.com/post/53742233351/getting-your-team-to-adopt-...) it definitely makes sense.
It's not so much about being able to do it with canvas. It's the fact that you have to reinvent all of your tools on top of canvas.