It would make sense but I'm not sure how it is implemented. I can also just imagine revoking old devices because I don't use them anymore or have reinstalled them. In that case I wouldn't want the things it signed to be revoked. (Really just saying don't trust this key for anything in the future, but past things are fine).

Maybe the best solution would be revocation after a date. So you can say "don't trust anything after {time-i-lost-the-device}" or "don't trust anything after {now}" and it does the right thing. However that could be complex to implement correctly in software. Lots of bookkeeping.