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Technically you can do everything through email, because everything online can be represented as text. Doesn’t mean you should.
PRs also aren’t just a simple back and forth anymore: Tagging, Assignees, inline reviews, CI with checks, progress tracking, and yes, reactions. Sure, you can kinda hack all of that into a mailing list but at that point it’s becoming really clunky and abuses email even more for something it was never meant to handle. Having a purpose-built interface for that is just so much nicer.
Oh yeah, you’re right. It’s both degradation in some way, but through entirely different causes.