Title changes are a topic unto themselves and we'll probably have a dedicated discussion about them. We're not going to change the policy; the policy has far, far more benefit than cost for HN. The trouble is that the costs are visible ("hey who changed my title") while the benefits are all just taken for granted. With that kind of accounting, anything will seem bad.
What we can do is have a way for title changes to show up for users who want to know about them.
We often combine a title and subtitle for this reason. What we strive not to do is make stuff up. The key to a good HN title change is that it is made out of pieces already there: doc, h1, and h2 elements, mostly; or the first sentence of the story, if necessary. If the original title is misleading or linkbait, that is how we change it. But if the original title isn't misleading or linkbait, we don't change it at all.