1) You could end up having neutral shift both during T line faults perhaps even during normal operation due to the lack of a low impedance neutral return path (hence why the NESC does not allow the earth alone to be used as a normal current carrying conductor)
2) Its bad enough you have stray current and ground potential voltage differences on the distribution system, do you really want to have the transmission system contributing to this problem?
FWIW, in some parts of the world where distribution is 3 wire (delta-wye 11kv to 230/400Y volts) a Y grounded Y grounded power transformer is actually typical. Similarly in the US there are some utilities which employ Y-Y when stepping 115kv down to 34.5kv 3 wire only sub-transmission.
There are members here who have discussed Y-Y being used in Europe/India in depth. Hopefully they will chime in.