Completely agree with this. Imagine: a picture of a graduation from Smith, High School, but the school gets renamed --or a picture of you next to the 'Gates' building which then gets renamed when Gates falls from grace due to something unpalatable. I don't care. It was the Gates Building and it was Smith High School when I was there and I want the original tags not revisionist tags.
I first encountered this in Songkick's gig archives, which - correctly, I would say - would update the names of venues when they changed. Unexpectedly - and I would say incorrectly - my archive would then occasionally show I had been to a gig at a venue but under its new name. I presume this also happens with band names, and so it's possible that one's gig archive might reflect that one had been to see Sea Power at the Camden Assembly, when one had in fact been to see British Sea Power at the Camden Barfly.
It's edge case stuff, but it does become more and more of an issue as time goes on. I fear for our ancestors working on their family trees and piecing together lives whose metadata make no sense. I presume we'll have solved it all by then though. Of course we will.