I wrote this a lifetime ago, working several jobs back when I was a fullstack engineer. The applications I made had to live for days, weeks, or months without manual refreshing (on machines that never got shut down, or monitors that lasted forever). I stand by this clever method of hotswapping, and it works great for that purpose. It was one of the earliest "clever" libraries that I made, and the only interesting one in Javascript.
But, who even knows how the web works anymore. Gone are the days of jquery, upstarts like Backbone or Thorax are firmly in the dust of history compared to React and Vue (both of which look very little like their original incarnations). Truth is, there's probably not a lot of use case for this kind of thing anymore. I'll certainly never update it or use it again, because I've moved on.
So long, and thanks for all the fish.