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If GL were to get this a more general mutability would have one practical use I can think of, and that's where you might have a texture that sometimes you want to access as RGBA8 and sometimes as R32F. Say you want to interpret one portion of it as depth info and one portion as colour info, and - because the texture is quite large - resource constraints prohibit you from creating two of them. True, it's a mite far-fetched, and true, you could do some fragment shader packing/unpacking (at the cost of a few extra instructions), but it is sneaking into the realm of things that could happen.
It seems to me that the way to handle this would be with a more flexible type system, something that would allow you to build an image format from raw components. You could create an image format that would be the equivalent of GL_R16F_GB8. I don't know how you would handle shadow accesses from such a texture, as those explicitly return a single float value.