I'd say that most of the time, that's the wrong thing to do. For the vast majority of effects, you don't actually want to call it for every variable that's referenced in it. A good example is literal arrays, functions, and so on, if you have a prop that's an inline function definition, you'll be calling the effect on every render because the reference is new. You could work around this by memoing every inline function definition, but at that point, what are we even talking about. Hooks are a leaky abstraction, and while they do solve many real problems, they come with a lot of heavy baggage once you get into the thick of it.
If this was the case, why do we need to define the dependency list to begin with? If this was both the mainline right thing to do and the compiler can do it, why are we doing it manually? In that case we could just as well omit it by default and only have users define it when they want something different. The answer, in my opinion, is that it's just a patch over what's a leaky abstraction and the added overhead costs more than the benefit in the end.
