@Tuoni Yeah, I think those are the reasons why they were removed as well.
Personally, I love fletching. It's immersive and it provides more accessible variety when it comes to physical damage types and status effects such as making blunt arrows/bolts, piercing arrows/bolts, slashing arrows/bolts, arrows/bolts that can bleed, arrows/bolts that can poison which we already had that with the poison paste, et cetera.
However, encumbrance and inventory space absolutely become an issue like you said whenever we have to fletch and carry ammunition in addition to the Archer becoming useless the moment they suddenly run out of said ammunition. What if there are no trees and small stones nearby? They are screwed and will have to rely on other means of dealing damage, and I suppose the solution for that would be to add a spell that allows Archers to use their mana to shoot Mana Arrows/Bolts that are weaker than physical arrows/bolts unless they spec into it (INT and INT-based talents).
I would love to have it back, but I understand why it wouldn't make a return based on history that repeated itself across MMOs that once had ammunition.