You need to think of the scope of this. You could have an Excel file with 130 shortcuts to it, in multiple folders. You delete the Excel file...now what. Should the system "know" all shortcuts that pointed to the file? Should those all end up in the recycle bin if it does.

Experiment:

Make a temp file.
Put a shortcut to it on the desktop.
Put a shortcut to it somewhere else. E.g. the root of your D: drive.
Delete temp file.
What happens? Do all shortcuts disappear? Does only the desktop one get wiped? Does the desktop one get wiped and the other ends up in the recycle bin? Etc.