dons flame retardant suit
Otoh, if you're going to suggest binary structures, I wont be able to approve you if they're not easy to manage in Git.
I'm reminded of the project I recall reading about from steve yeggie regarding a language agnostic IDE framework (whatever happened to that anyways?). A language agnostic, semantically rich file format would allow entire classes of transforms to apply across all languages that could be marked up by the language agnostic file format.
There are so many possibilities here, and yet a non-trivial amount of programmers are still anchored by the supposed benefits of editing code from the console! Programmers should be the first to be looking forward rather than being tied down to the past.
The option you suggest could have been done since long and it hasn't: I'm inclined to wonder why. Probably text-file editing has reached the good-enough level where we've got enough tooling to cope with the drawbacks, and the basics of open source is, it has to be the most urgent solution for the one who takes the initiative.
I suspect part of the problem is that there is a huge ecosystem of tools that work on plain text, and it's also easy to write more tools that work on plain text. You lose all of that when the database or parse tree is the primary representation, which means that when someone goes to make an adoption decision and their favorite tool doesn't work, they go back to the old way.