Great article that I would have loved to have read 5 years ago. I work in med tech and have to develop software according to the IEC 62304 standard. I was responsible for designing our software development process and when reading the standard I had no idea what these concepts (requirements, traceability, etc) meant in practice. Initially I thought these were outdated concepts (the standard was written in 2006 and now everyone is cool and agile). However, after dozens of releases and team composition changing all the timeI definitely see the value in theory. In practice many companies have bad requirements and no proper requirements management systems, so for them the standard is probably more of a burden.
Anyway, would have loved to read this much more positive view of requirements systems before, so I would have tried to build something beautiful instead of shoehorning the IEC standard into our existing process.