Once matured, kernels tend to never break backwards compatibility (or try very hard not to), and rarely track bug fixes with individual numbering. Often many changes are lumped into a single version update, because so many changes are already happening across many different subsystems.
I suppose also, now that I think about it, Semantic Versioning works much better for smaller scoped and smaller scale projects (like well scoped and designed libraries). The kernel is such a large piece of software almost like a collection of libraries hidden behind a single set of matures APIs that incrementing counters for every bug fix or tiny change doesn't make sense---and as has been established, major numbers would just never bump.
Why not go for a release number (e.g. r85) and a patch number for hotfixes (e.g. r85.2)?
Best would be to just go and use a year.month number. 2014.12, 2014.02, 2015.04. But ultimately, it's just a semi-unique identifier with a lot of context that one should be aware of. (And it's not like you can go and buy a Linuks 4 in stores right now, or just put it into your requirements.txt. So confusion is very minimal, it's just a "tag".)
"Uh, 2.something."
"Well, that's a span of 15 years right there. 2.what?"
"Uh, 2.6.something."
"Okay, that's a start. That narrows it down to a span of 8 years, almost a factor of two in improvement."
If they were to adopt semantic versioning, they'd NEVER bump the major version number in a hundred years. Think about this: when was the last time that changes to the Win32 API broke your application? Linux is also like that.
Even though for all of them the user space api wouldn't break. So yeah, I think the people harping on semantic versioning don't quite understand the reason its not a good fit for an os kernel.
I have no idea what Oracle or whoever will do if 2.0 ever does come out. But I doubt it ever will.
So far, the arguments against it seem to have been "major numebr should go with a major new feature or breaking of compatibility", which just shows how little people know. We don't break compatibility, and we haven't done feature-based releases since basically forever.
And you'd end up with very large numbers for the minor numbers, which Linus seems to dislike.