I don't like it. It adds some obfuscation but doesn't really fix the problem because you have to start the conversation in the normal way (addressing the GW messages to the real pubkey) OR the receiver needs to create lists of alias' for each and every contact that they might one day receive a message from.

Or am I missing something?

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It fixes what's proposing to fix which is the metadata leak per message. The key alias event is similar to the conversation request on your ratchet proposal.

And since wraps are already going back and forth, the public/relay is not able to distinguish between the key alias event and any other encrypted payload.