It makes that history harder to read. The same piece of logic can move across files and modules and functions over the years. While it's possible to go past each of them and trace that code past those moves, it takes time and effort to do so.
I’m normally the one doing that historical spelunking, so I’m also a fan of refactors or rewritten methods that reduce the need to go back and figure out why the code is there. But I’m usually also the one doing that: maybe if other people around me did more refactoring I’d start hating it too!