It was addressed in the last CBA, when players specifically wanted this. The players all want more freedom in where they play, not less.
No doubt the players would want this - if the players had their ideal world, there would be no Draft at all, and prospects would just go sign wherever they wanted for as much money as they could. Which for the top prospects would mostly mean rich, big-markets like NYC (Vesey), LA (Petersen), and Chicago.
But the reason that this needs to be rectified is that this was not the intent of this clause of the CBA. This was intended to free prospects whose rights were owned by teams who had no interest in signing them, so they are not stuck in a place with no path forward. It was
NOT intended to give prospects a mechanism to reject the team that drafted them and wants them and actively tries to sign them and develop them.
It's exploiting a CBA provision for a purpose for which it wasn't intended, which is the exact definition of the word "loophole." And it's a loophole that needs to be closed.
Maybe the answer is compensatory draft picks. Or maybe something else. But something has to be done.