The deprecation appears to be a hasty attempt to close a number of tickets by ignoring the underlaying issue. It was not an advancement of the API in any way.
As a result of this deprecation, clients need to hammer Wikimedia servers with many, many requests in order to retrieve data that was previously obtained via cache and in bulk.
I propose that we remove the deprecation warning and fix the underlaying issues with caching so that, as intended, ApiQueryRevisionsBase returns the diffs from a given list of revisions.
See: T164106