I made a proposal for this here.
The reason why I didn’t choose to use effect strips is because there is talk about removing them altogether. The node editor could work as a replacement for both the effect strips and the strip modifiers. Applying them directly on strips is also more flexible as it lets you use it to make transitions and get the meta strip layers separately.
There are many duplicates of this idea with various variations both here and on right click select, so I’m trying to gather the discussion under the proposal I made so that the discussion isn’t as fragmented. If you have thoughts on it, or have a different idea on how it should be implemented I’d like to hear them under the post.