Actually from the tone of the mods when they answer, they think this is the best solution.
I posted about the Image Titles disappearing after you insert them into an article and the response was very curt. They're also saying that Image titles don't affect SEO but after contacting Google, they said that they do rely on Image Titles as much as alt titles.
The fact that they're sticking these issues into the 'Miscellaneous' section lets you know they're not looking to listen to us on this. Eventually someone will come up with a plugin to make sure these things function better.
It's an accessibility issue. You should not be relying on title attributes for important information as not all user agents access or render this attribute. If you need to relay important information to visitors, use the caption functionality.
I'm sorry (but not actually sorry) that the tooltip community has felt slighted by this one, but we won't need to make a change. We made a choice, and this choice on the whole benefits all users and readers, not just those using screenreaders. How often have you moused over an image on a WordPress site and saw "IMG_1234"? One of the lamest things ever. Never again.
Tooltips can still be added by opening the Edit Image modal and inserting something into the title attribute box. The only change is that the "Title" field — which is the name of an image's attachment page — does not populate the title attribute.