I voted this up like 10 years ago given that ArcGIS Desktop is getting little love these days i.e. slated to be retired by ESRI at some point in the near future I doubt we'll ever see this feature.
The reason Esri has not supported this is because users expect all tables to support such a tool - not just shapefile and gdb. Esri supports many database formats and client server setups.
XTools Pro has a nice Table Restructure tool that works on file-based data.