Heuristic wrote on 05/17/20 at 20:34:08:
It never made sense to me the exchange variation didn't become the main line
I find it to be a fun line to play with either color. As to its absolute merit, one may have to dig into the weeds in a number of variations to come to a conclusion. The lines where white doubles and isolates black's f pawns have little appeal to me, from either side. But yes, I could certainly see the exchange variation as being the "main line" of the Queen's Gambit Declined (QGD).
Alternatives to the Exchange variation are interesting too. However, I don't see them as being quite as threatening to Black.
I suspect that one reason why the exchange variation is not seen more often at higher levels is that the QGD it is reached through the move order: 1d4 Nf6 2c4 e6 3Nf3 d5. Answering the exchange variation is not so difficult when white has played an early Nf3 (though still not trivial).
If black plays the move order above to avoid the more dangerous lines in the exchange variation, he will probably answer 3Nc3 with 3...Bb4. The Nimzo seems to be fine for black. Still, knowing all lines will take some work.
So the dilemma for white is whether to play 3Nc3, allowing the Nimzo, or 3Nf3, which allows a variety of responses to include the QGD, but where the exchange variation is not so potent.
Black has move order issues also. If he goes for a Nimzo-Indian, he has to choose a line vs. 3Nf3. Each requires some preparation.
If black does choose to play the QGD as his universal response, for example 1d4 d5 2c4 e6, then he does not have to learn the Nimzo, but he does have to find a line he likes in the exchange variation.