It’s an interesting idea, though I expect that getting Blender to both log and reproduce all actions in a way that’s reliable for version control will never happen. It’s not something that could be handled with some additional work, but rather a ground up redesign. Nevermind getting it to work across Blender versions, operating systems and different CPUs/GPUs.
In a version control system I think you should start from guaranteed data integrity, and then work from there to optimize things while keeping that guarantee.
It’s possible to get much smaller .blend files and deltas between .blend files. Since .blend files are a memory dump, it would help for example to diff against default data values, zero all runtime data, and derandomize pointers. Better compression may be possible by taking into account the data layout.