Wish #8 on the 2016 Community Wishlist Survey is "Automatic archive for new external links" -- to automatically keep a snapshot of an external reference that's cited in Wikipedia articles, and then add a link to the archived page in the reference template.
Some of the requested functionality is already happening: Internet Archive is already archiving all new external links added to Wikipedia. Cyberbot II looks at all of the existing links, and replaces dead links with a link to the archive.
The elements of the proposal that aren't being done: automatically generating an archive link of the specific access date when the link was added, and putting that archive link in the reference template before the link goes dead.
Mark G at Internet Archive is interested in this, and wants to talk about it.
This investigation is to determine whether these elements of the proposal are worth doing, and what we can do to make them happen.