But realistically, I fail to see what benefits it has to offer over the more modern solutions. A modern sleeping bag provides better protection from the elements overall. As far as a means of load carrying, I'd much rather haul my gear in a proper backpack, which allows me to carry more weight more comfortably, in a more organized, easily accessible manner and in a pretty much waterproof package.
An ultralight backpacker may disagree with that. They are reducing the weight on everything, including the backpack. If you look at their typical UL backpack - it does not provide much in terms of comfort or organization, quite contrary these features are cruelly sacrificed to the weightlessness god. A horseshoe (Rrussian "skatka") backpack would allow to reduce the backpack's dead weight practically to a zero, as a sleeping bag and/or a tarp or/and a tent can be easily rigged into a good backpack. That will definitely require some new skills polishing, and not only in the packing art, but also in an efficient carrying and using such a thing as well. That's nothing even close to the traditionalism, as all that gear is super-modern, we just organizing inert matter in a smarter way