I want to agree, but email is actually an example of an open and federated protocol achieving success. It's pretty much everything that could have been hoped for as far as openness and interoperability go at the protocol level. Unfortunately, balkanization still occurs at the social (ie network) level.
Open alone is insufficient.
As such, the spammer would only have to store each unique message and the list of recipients associated with each unique message.
1. Sender canot simply mass-cram messages to recipients, as many spam engines today do. (Qmail for a time was notorious for doing this).
2. There's good chance that any bulk spammer will accrue a negative reputation by the time most recipients bother to request messages. So they won't.
3. Spammer must sustain a stable online presence --- not be knocked offline or blocked by ISP or hosting provider.
4. Spammer has to track successful deliveries vs. messages that are complete.
Upshot: the spammer's workfactor increases.
If you want to send me an email, you have to send me an SMTPCoin. If my user doesn't mark it as spam, I give you the coin back. If my user marks it as spam, I keep the coin.
We need to start over and build a truly open internet.