Yep! I see the relevance of this feature if you choose to activate "auto update" in settings, so you can tell the moment you got screwed by a bad update, but that's about all it's useful for. Nobody cares when an app is updated if it works out and it's not like you can revert back to the previous version via this list if it doesn't! The only way you can do that is delete the app and re-install via iTunes as long as you've set that not to auto download app updates.
I say if you chose to activate "auto update" then this info is minimally useful at best. If you chose to go without it on your iOS device you are manually chossing to update and obviously know what you are doing and the update history list is nothing more than clutter. There should be a setting that lets you opt in or out for this info or they should make it so that it only shows this data if you chose to select "auto update".