Absolutely agreed. In fact all sorts of conflicts and ambiguities can easily get missed, as well as ambiguous terms such as the bond issuer at its discretion can rearrange payments. (Yes, this has happened. And money was diverted from top tranches to lower rated ones.) Furthermore the entire reverse engineering process is a lot of work for a very imperfect result.

So this is definitely a big improvement.

But my point remains that it is not perfect. There still are ambiguities.