It's reasonable, but why are they absolutely so bad?
Personally I think that the reason for AoOs vs ranged attack is not really about realism... I mean, shooting a loaded crossbow at point blank, how can that possibly be more AoO-provoking than swinging an axe, which require much more movement of your arms when you raise it upward?
I think the reason instead is game balance: you just don't want ranged weapons to be just as good from point blank otherwise you may have no reason for melee weapons, if you can use a ranged weapon both from range and in melee, and I quite agree with this.
Shooting the crossbow at point-blank range is not the problem there. If anything, the guy coming up on you should have a bit of a problem. The thing they are noting there is after you shoot the crossbow, now what?

It's a lot easier to get an axe back into a position to block (or threaten to do so) than it is to block with a crossbow after firing it.
Anyway, a tactical rules module can go nuts, but still has to work. However, in the Core, there has to be something to attach the tactical rules to. Given what we've seen thus far, what I'd like to see in the Core
related to opportunity attacks is something like this:
- Use the criteria from 4E adapted to Next--you provoke when walking by someone with a melee weapon or trying to fire a ranged weapon or cast a spell in melee.
- If you provoke, you give advantage to all attacks from melee weapons made against you until your next turn. (This could be a condition.)
- You also have disadvantage to all attacks that you make. (This could also be part of the condition.)
Or if you prefer streamlined:
- If you walk by opponents, fire a ranged weapon, or cast a spell in melee, you get the "Unguarded" condition until your next action.
- While you have the "Unguarded" condition, all melee attacks against you have advantage, and all attacks that you make have disadvantage.
That doesn't cover every edge case, but the DM is supposed to handle those in the Core. It's severe enough that it will cut out about 80% of the obvious "abuse the letter of the rules" stupid tactical tricks. (Thus the double-dipping on giving advantage and getting disadvantage.) There are no reactive opportunity attacks to slow down the game. If you don't want to so make yourself a sitting duck, you can elect to not provoke--which is functionally the same as a blanket prohibition in those cases. It makes running past a fighter and cleric to smack the wizard usually a bad idea, but sometimes you gotta get the wizard down and take your chances. If you are really commited to running down the wizard, instead of darting in and out, you'll take a rough round to get there, and then try to stay there.
Best of all, the tactical rules module
and DM judgement can piggyback on those simple rules. If you do something esoteric that the DM rules is appropriately risky, he can slap the "Unguarded" on you, with clear results. (Or let you know that will be the consequence before you commit.) "Can I drop my sword, grab the princess, and fall off the balcony behind us as the guards close in from both sides and below?" "Sure, but you'll provoke Unguarded when you do it." "Ok, I'll take my chances with the ones below, since I don't think the guards on the balcony will come after me."