Many-to-Many isn't really bad for email. It depends on having servers which intelligently handle the duplication.
Which today, most servers do - they'll hardlink identical mails in mailboxes they control, and fan out those which need to be fanned out.
Email in that sort of medium is just visibly doing the grunt work you need to do for that type of thing over multiple distributed servers. Its no real accident that the Git distributed cloning model pretty closely mirrors this, since it was developed to replace emailing tarballs around for kernel developers.
I don't think your analogy with vinyl records app as emails are actually the electronic version of the communication method human have been using for hundreds (if not thousands) of years: mails. People know exactly how to use email and what exactly do they expect from emails: - to send an email, you need an address - to receive emails, you need a mail box - once you hit send, you don't have control on the emails anymore, some thing (or post office workers) have control of it - you don't expect to get a reply right away, that lowers your expectation of an instant reply - a lot of emails are replies, which means there is a strong context which is what was said in the previous emails
There are many other good things with email such as the openness, federated and robustness nature of the underlying technologies. However, just from the end users perspectives, it matches perfectly with a communication model that most humans have used and understood for many years, and one that doesn't go away very soon.