Often one would like to update an asset in-place with its newer version (e.g., updated image) so as not to lose any references to it inside posts or anywhere else.
As far as I've gathered with current workflow, if one wishes to update an asset (e.g., an image), they have to delete it and upload the new version. With this approach, blog posts that used the deleted image would have to be updated manually to use the new one, otherwise they show broken image link icon.