And some more...
I would say that measuring your effective stem length is still a meaningful method of comparing steering geometries between bikes and is correlated with hand lead. For ease of numbers, we can look at the mechanical trail measurement and, if you will, the mechanical hand lead. Mechanical trail is similar to the trail measurement that is typically used called ground trail, although is arguably more useful than ground trail. To find the mechanical trail, extend a line down along through the steering axis, and then draw a line at 90 degrees to that line that leads to the contact patch of the tire. The length of this line is the actual lever, if you will, that your front wheel is being led by and is the mechanical trail. Now imagine drawing a line that is parallel to the steering axis and intersects the effective stem length. If we look at the ground trail lines intersecting point to the line we just drew, that point will be either in front of, in line with, or behind the steering axis. That point will also be either in front of, in line with, or behind the contact patch of the tire. The length along the mechanical trail line from the contact patch of the tire to that point determines the length of the mechanical hand lead. Let's say we have a bike with a 100mm long mechanical trail. If we have an effective stem length that is 20mm in front of the steering axis, then we can add 20mm to the mechanical trail to get 120mm of mechanical hand lead. If we have an effective stem length that is 40mm behind the steering axis, then we can subtract 40mm from the mechanical trail to get 60mm of mechanical hand lead. If we had an effective stem length that is 150mm behind the steering axis, then we can subtract 150mm from the mechanical trail to get -50mm of mechanical hand lead. For ease, looking just at the bike with no lean moving in a straight line, a negative mechanical hand lead would have a destabilizing force that would try to lead the wheel away from straight ahead if pushed forward, any positive number would be a stabilizing force that would try to lead the front towards straight ahead if pushed forward. Your 100mm long mechanical trail does plenty to keep your front wheel being lead straight ahead when the frame is pushed forward, but it also has a large amount of wheel flop. This can be looked at as basically the vertical height of the point where the mechanical trail intersects the steering axis. As you turn the wheel, and that lever, you are lowering that point in space along this vertical height. The effective stem length that is longer than the mechanical trail will have an even higher vertical height, and therefore a larger height to flop down when turned than the mechanical trail of the frame has alone. The effective stem length that is shorter than the mechanical trail will have a lower vertical height, and therefore a smaller height to flop down when turned than the mechanical trail of the frame has alone. I have found that you get the best performance from a positive hand lead that is in general between the contact patch of the tire, and the mechanical trail. This is just an overview and is simplified a bit due to additional complexities of how the measurements dynamically change when dealing with a wheel that is turned instead of a lever, dealing with lean angles, and dealing with feel of how much the mechanical hand lead differs from the mechanical trail.
I fully agree that mtbs are still slowly working their way away from their early road bike roots. I feel that the RR stem is part of a big shift to make mtb geo more mtb friendly. I believe that someday mtbs will have longer headtubes to take up most of the height with a much shorter height Reversed offset stem on top. Until then, the RR stem allows you to ride the geometry of the future with the bike you have now!