I've heard this argument before, and I really don't get it.
Let's say I have an input bound to a model variable. What does that mean? Well, the model is the single source of truth of state. And the user can change it. Sometimes we have derived state, like computeds in Knockout. These are read-only and are not ultimately sources of truth (though they will never contradict non-derived values).
In this model, I cannot see what is wrong. Why do you need to reason about the side effects your input triggered? Your input should be bound to something that is a fundamental, atomic, irreducible element of the app state. When it changes, the app changes. You never need to reason about this happening because there should never be a moment where a model changes and the app does not.
Excuse me for my naïveté, but it looks to me like two way binding can only cause problems if you are binding inputs to derived values, or if your model is not truly irreducible. In which case, you are knackered before you start: how is your app ever supposed to guarantee consistency of state?
If you are writing Angular or Knockout code properly, in my opinion, the data flow should be unidirectional just by dint of using an irreducible model and never manually overwriting a derived value.
Just because the template has a two way binding to a model does not mean the data flow is pandirectional. Likewise, one way binding does not guarantee unidrectionality: I am fairly sure you could write a React-Flux app where components emit arbitrary actions in response to state changes. Perhaps this is banned in Redux, though.
But having worked on complex dynamic form generators and enterprise apps at scale, I've seen the mess that KO observables and Angular $scope watchers create in practice.
Neither KO nor AngularJS actively encourage great patterns for data flow in their architecture design. It becomes all too easy, in some deeply nested directive or KO observable, to reference external/parent context or scope. React was specifically opinionated about this because Facebook hit real problems in production with two way binding.
Another benefit of one-way flow is that it becomes trivial to refactor your UI into modular components. Because the data flows in a top down manner passed in as props, it's easy to break up a complex component into several sub components.
React encourages you to fall into the "pit of success" by its design and there's very few traps.