I can't find a reason-to-be in this mechanic, for the following reasons:
- It is not interesting, challenging, fun or rewarding. It's only associated with a 10 minute slow-travel penalty in case you leave your mount too near some mobs - or are unlucky (left near mob respawn you weren't aware of) or griefed (people pulling mobs on it).
- It is made irrelevant by getting a second mount.
Overall all this does is add realism, but realism without purpose doesn't add anything to a game, while it can detract from it (not only my opion, as I can quote Gabe on it, just to make one quote).
Given the above, it seems this mechanic only achievement can be some minor frustration in early level characters for new players, so, as it is right now, is it really worth keeping it in the game?