What functionality is missing? What is unsatisfying with the current situation?

There is no good way to put in something that is simply an event that occurred you have to choose to make it a conflict, a myth/legend, or prose.     While you can use a timeline entry for this it is not in the article flow, and you would often want both a timeline entry and an article.    

How does this feature request address the current situation?

  It would create an event article template that would bolster the timeline entry and get the event properly in the article flow.  

What are other uses for this feature request?

  Event articles would also be available for events that you don't want on timelines.

I did and didn't find this. Please point me towards it.