Yuup. Latency is a huge issue for Git. Even hosting Git at non-trivial scales on EBS is a challenge. S3 for individual objects is going to take forever to do even the simplest operations.
And considering the usual compressed size of commits and many text files, you're going to have more HTTP header traffic than actual data if you want to do something like a rev-list.
This is what deprecated means. You can't just remove an API that's existed for years and scripts may depend on without giving them time to adapt. This shows a warning when it's used so it's clear which scripts should be changed.
So why are you unhappy about this option being deprecated? Have you tried it in this release? It tells you it's deprecated and which options exist. If you do what you show in this command, it tells you how to undo it with the new more sensible option.
And considering the usual compressed size of commits and many text files, you're going to have more HTTP header traffic than actual data if you want to do something like a rev-list.