I think Perforce does this too... it's not a problem as such, but since you can't silently rewrite history in Git it's somewhat hard to get rid of the old versions when they start taking up space. Perforce on the other hand lets you configure the history depth on a per-type or per-file basis. I think you can purge deleted files if you'd like, too? - you'd probably use this if you were keeping old builds in version control, or some other useful type of asset that's in principle possible to recreate.

This doesn't help in combination with its insistence on storing the entire repo locally - though it's possible Git LFS (which I haven't tried) would be able to help with this.

Lack of file locking is a genuine problem.

And I really don't think you can handwave away Git's terrible usability with a "besides"...