Having spent over 4 decades in the motor industry in design and development I do find it depressing that these basic issues crop up these days. The wet cam belt was a fine idea but the risk assessment of such an item, failure mode and effect analysis , (FMEA), shouts caution to any engineer. How might it fail, what's the likelihood, and how bad is the result? All the manufacturers who went down this route must have come up with the same FMEA result, you have to be extremely confident it'll work long term to go there. Obviously the deterioration rate was under estimated, did they miscalculate and do accelerated ageing test with the wrong factors? They must all regret the decision now.
As we used to say, you get no points for trying, only succeeding. Always pays to be a cautious engineer. A project leader at NASA once said the difference between physicists and engineers is that physicists like surprises, engineers don't.