You are suggesting that Adobe, by reverse engineering the camera output, will be able to produce a better result than the engineering teams at Canon, Nikon and others camera manufacturers who have designed and built the camera and its components and systems? Nicely said, there is no way this is technically possible.
The camera manufacturers have the performance characteristics of their sensor figured out before the final tape out. This includes the response curves under a host of different lighting / exposure conditions. As you pointed out, the performance characteristics are not linear. Once you have this data, it’s quite simple to design the algorithms to interpret the data out of the camera and build it into software like Capture NX2 or Digital Photo Professional. If your white balance is right, your overall colours have to be correct.
If you don’t use the curves that the camera manufacturers have, you are correct; getting white balance alone is not always going to be good enough, and some of the colours could be off. Profiling is one way of improving overall colour accuracy. By the way, we design engineers refer to this approach as a “kludge”. It’s not elegant and has some shortcomings, but is often “good enough”.