What's the significance of Asset IDs when services and distribution pipelines are split and constantly changing? I'm not sure how this option could be beneficial for reporting purposes or asset management.
This is a function of your asset management system. Without an Asset ID, or other unique identifier, there is no way to identify a unique section of pipe. If a pipe is split in the GIS then you should ensure that one of the new segments gets a new ID to preserve uniqueness. Your asset management system would then need to be updated to reflect the length of the old pipe as well as the length of the new pipe.