The convoy also keeps England and Turkey (especially England) interesting and playable. If there were a limit to convoy distance, England (you can read an "and Turkey" for every "England" if you want) would have fixed points of entry onto the continent, since it wouldn't be able to go any further. Take your example of a 3-fleet length limit to convoys. England has eliminated France and builds some armies to go after Italy. Unfortunately, the best it can do with those armies going over 3 fleets is reach Tunis, then convoy to the Italian mainland the next turn. By that time, though, Italy is alerted to the attack and can respond before suddenly losing Rome or Naples in a way that doesn't really exist right now. Or, alternatively, Italy could have an army in North Africa and keep supporting Tunis to stop the first leg of the convoy. Then England is essentially kept from leaving home by this single supporting army.
Obviously there would be ways around these issues, and I'm sure that there would be plenty of online articles about how to avoid convoy blocks as England, or where to set up convoy blocks as anybody else, but at the end of the day it would still be much harder for England (and Turkey) to project their power.