IMO it's a very expensive way to build wild bird populations. Mortality is extremely high, but extremely high is not 100%. "Nearly 100%" is the same as "not 100%". I was at a released bird place one February with some customers. When we pulled in the evening before the hunt there were a few chukar out on a wheat field. We commented on it when we checked in because I'd never known this place to use chukars. They said that chukars had been released in like October for a hunt and had managed to survive into February. Anecdotes like that exist for pheasants. But more generally, if the habitat is good and there is seed stock of wild populations, the wild birds will do it themselves, eventually. Or so we're told.
However, would it be possible to release a bunch of hens on March 15 and hope to get a couple of broods from them that you might not otherwise have? I think it could happen and you'd be hard pressed to convince me that it's impossible.
The "gene pool" argument could perhaps go both ways. Isolated, small populations of other species sometimes suffer from lack of genetic diversity. Maybe it's possible that our fragmented, disappearing habitat for upland birds is producing limited genetic diversity in native stock. Maybe even one or two successful broods from released birds could mitigate this issue temporarily? A theoretical discussion for sure, and one I'm not qualified to participate in seriously.
And then there are "surrogators"...