This is such an excellent point. Media Queries have been bugging the hell out of me lately for a reason I couldn't put my finger on, and I think you just nailed it
I didn't see it that way. Media queries do what their intended quite well, for the most part. What is described in the article should not be addressed by media queries at all. That's why I thought the idea was being described as element queries, which makes more sense in that context then calling them media queries.
Don't think of it as an improvement or replacement, but as an addition.