Morrowind would just soft reboot the Xbox during load screens. I think Blood Moons are a smarter move overall as it adds to the fun and gamer knowledge that enemies have respawned etc, but the Morrowind implementation was such that the player wouldn't notice the background soft reboot, because the screen retained a static loading screen during the process.

Also Skyrim (PS3 at least), just added the info tracking the game state to the save file which made it incredibly large after many hours of playing so some found it unplayable.

That said there's evidence that most night time blood moons are scripted (i.e. for gameplay), and anything you see during the day is a "panic" one, added later in the coding timeline, for the memory free up purpose. Blood moons weren't originally planned for that (or they were maybe but timing wasn't implemented?), but they work well for it.