Even then, you could maintain a separate copy of the environment that you control and freely mutate. Basically, during startup, you create a copy of the env you received. Any setenv primitive you expose to users will modify this copy (that you can sync properly yourself). When you want to launch a process, you explicitly provide the internal copy of the env to that process, you don't rely on libc providing its own copy.
Of course, this means you won't see any changes to env vars from libraries you may use that call setenv(), but you also shouldn't need, or want, that in a shell.
I still think having a proper synchronous thread safe setenv()/getenv() in libc is the better choice.