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"Do you know how many spells are just recycled incantations?"
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Humor, jokes, memes about TTRPGs
It would allow for more creativity.
Like a electricity Wizard who casts lightningball instead.
They could just add rules that allow you to tweak the spells, just like how they allow for increasing damage with a higher spell slot. But also changing AoE size, changing damage type, range, changing needing to see the target, and other properties, ... All which you will have to chose when preparing the spell for the first time, not to overshadow metamagic and keep the game flowing.
In Pathfinder at least, they do have rules for spell research, and it's easier if it's pretty similar to a spell you already know, so "fireball but it's 10 ft wider and does d4s" is something you could get.
Or you could use metamagic feats. Widen Spell for AoE, Elemental Spell for damage type, and other properties. Though that can get expensive.
But does it change the game in a meaningful way, enough to offset the complexity that's being added? Enough that house rules for an individual group about flavoring spells and changing damage types wouldn't be enough?