'Twas beautifully semantic...
Semantics matter, and <time> is just one example of great HTML5 semantics. Something that has context, and is easily distinguishable for us humans.
<data> is too vague, too bland, it sucks.
It's just not right darn it.
<time> needs to be brought back. When you've got every major player in the industry voicing their concern at the removal, surely its return needs to be considered as a minimum.