Until the ecosystem shows any signs of slowing down, posts harping about the codebase of WordPress will lack conviction. There is an army of developers who don't particularly like the inner workings of WordPress. But WordPress is thriving and has a booming commercial & free theme and plugin market. A glorious rewrite in whatever ideological direction you want to take it is more likely to damage its success. If a better codebase is so important, another CMS should eventually gain more ground. In which case, it's more productive to talk about why another CMS is so good, rather than lament about WP.

Having said that, the codebase is likely to become more javascript centric, which might make things even more complex. It will be interesting to see it evolve. I just don't think calling WordPress 'dire' accurate. Nor is it in need of rewrite just for the sake of writing more beautiful code. Does it have to adapt and evolve? Of course.