ASCII doesn't have a direct representation of all the punctuation used in English print, like 66 99 quotes, and different kinds of dashes (distinct from minus). For non-print, it's entirely fine.
Typesetting should be handled by a markup language anyway. Adding a few characters to Notepad doesn't create a typesetting system. A typesetting system needs to be able to do kerning, ligatures, justification. Not to mention bold, italics, and different fonts.
But then people invented video terminals that didn't overstrike.