If it wouldn't be a modular playground with CVs/Players, free routing capabilities and combinators, then yes, it would be pointless. Just like VCV, Mulab/MUX or Blue Cat Patchwork.
Most of it's features can be achieved in some hosts, but Reason patches are portable and provide an encapsulated environment.
To give you an example: I'm using it for drums with effects and modulations per voice/sample and the whole multi channel/device configuration is nicely contained in one instrument from the host's point of view. It doesn't take up many mixer or arrange tracks, also I can save it easily in one patch. But if I wanted to use a VST compressor or reverb on one of the drum samples, then the whole box metaphor breaks down, have to route that sound to another output, process in the host, route back, etc.
I'm not holding my breath waiting for this, but maybe it's going to happen at some point. Audio tracks, or Reason as a plugin seemed very unlikely until they didn't.
