Im looking at this from the point of view of providing infrastructure for teams to work on different projects. A project does not necessarily mean a single repo.
For example, let's say you create a branch to work on a new bug fix. In that branch, you make the fix to the source code, and modify the bug status to "fixed". When you merge your branch back into trunk, both the code fix and bug status get merged atomically.
It definitely is possible to create a bug tracker that did these things but was still separate from the VCS. I remember seeing some early-stage bug trackers that stored all bug data as files in the repository (instead of in a separate database) and could be made to work with multiple VCS backends easily. However, since VCSes weren't designed for this, it was sort of of clunky to use.
Ideally, there would be some interface between VCS and bug tracker to make sure they're decoupled but still work well together, but nobody has figured out that interface yet. Until someone does, it's much simpler for Fossil to ignore the coupling issue for now and focus instead on making the best product they can.
I'm interested what you think about BugsEverywhere ( http://bugseverywhere.org ), which keeps bug info in a hidden directory in the repo and integrates well with git. I've not used it before, but am considering it for a research project I've inherited which has no infrastructure (just source code in a zip file). I'd like to avoid proprietary hosting (eg. github) or hosting my own web server (eg. gitlab), so I'm thinking that BE would be a good fit, with hosting on gitorious.org
The demo of the Web UI gave a 502 so I couldn't access it and I don't have time to try it out locally right now..
Personally I think variety should be embraced. Let each project use the VCS that works for it's specific needs/developers.
With this mindset, while I would have no issue supporting and making use of something like Fossil (assuming it's reliable), I would absolutely discourage the use of it's wiki and ticket systems, in favour of independent solutions that are not tied to the repo and repo software itself.