Yes, Fuji, and you see consolidation in many other fields besides, but Consolidation Acts merely patch together what has gone before (it is a general rule of statutory interpretation that consolidation Acts do not change the law). Then the consolidation acts get amended themselves (I can think of some yucky examples of this, in non aviation fields). I think that Al is suggesting a throw-it away and start with a clean sheet of paper approach, which might require too great an effort of will and commitment of resources to be achievable, even if the culture of those who draft legislation was receptive to such an approach.
PS: This approach was recently adopted in the rules for civil court procedure, but that was a classic case of trying to fix something that wasn't broken, trash-canning perfectly serviceable rules and a hundred years of accrued understanding about them, and the re-write was done in a hurry and very badly.