Isn't part of the issue that magic in the MU isn't really that well defined? You have dozens of schools of magic plus the general reality bending that isn't really magic but sort of functions that way. And, of course, you have different methods of storytelling and all of the writers and editors across the decades have different priorities.
Actually, it would sort of be interesting to see Kibblesmith use The House of Ideas and Loki to explore and sort of resolve this or at least comment on it. It's something unique to Marvel but it also makes writing for them a particular challenge. And imagine how difficult it would be for Loki to handle, since he might be aware of just how his very existence is tied to what other people, the writers and editors and dozens of others, want for him.
He's a character who wants change who's made aware of his limitations. I know this won't happen, but still, fun idea.