It doesn't have clear semantics. <cite> is basically used as "I want something in italics, and it is the title of something" rather than "here is a reference to

It doesn't have clear semantics. <cite> is basically used as "I want something in italics, and it is the title of something" rather than "here is a reference to a creative work". And it gives the lie to semantic markup: we only ever have semantic markup for things we can reasonably expect to be visually set-off. Something like a persons name or a cut-off phrase are never marked up semantically; there could be massive benefits from semantically attributing lists of city/state combinations in flowing text but it just doesn't happen. There's nothing more than semantically attributed visual markup, rather than being semantic markup, and this kind of renaming of <i> is just going overboard.