(-> (initial) a b c d e) is like "The city on the bay in California"
and
(e (d (c (b (a (initial)))))) is like "The Californian bay's city".
These variations are different thematic structures to language.
In my view it's exactly the opposite:
(-> (california) bay-in city-on) ; "The Californian bay's city"
vs. (city-on (bay-in (california))) ; "The city on the bay in California"
The former ("->") starts with what's fed into the pipeline, the latter starts with what you get out of it. In addition, "->" avoids the nesting of expressions regardless of the number of steps, which might be useful in some cases. But both styles have their place.
(-> (initial) a b c d e)
and
(e (d (c (b (a (initial))))))
I find -> and ->> useful, but the new threading operators kind of silly; they're very easy to implement in terms of -> and ->>, or in terms of higher-order functions, and don't really cover all the use cases one would want---it offends my sense of aesthetics to have them (in their particular implementation) added to the core ns.