I'm thinking about the Wick rotation. My question may be similar to this one but I don't think it's a duplicate, though you can judge that.
Suppose we take the Wick rotation as an indication that spacetime truly is a Riemannian, not pseudo-Riemannian, manifold. Purely as a theoretical maneuver, it really feels as though it unravels two "knots" by showing that there really was no knot to begin with, just a looped and twisted string.
The first knot is the hyperbolic character of the spacetime metric. Although this structure was a giant leap forward historically, still, there is this quirk about it, viz., the duality between space and time. In a Lorentzian manifold, not all directions are created equal. There is an inherent discontinuity upon crossing the light cone. The spirit behind relativity was the conviction that the laws of physics should be the same in all reference frames; wouldn't the same spirit lead us to hope even that the metric would be independent of direction?
The second knot is quantum interference. In a Lorentzian theory, each path does not have its own probability, just a geometric contribution of $e^{iS/\hbar}$ to the whole. Whereas in the Euclidean theory, each path has a true independent probability of $e^{-S/\hbar}$, such that we can really hope that quantum theory is the statistical limit of some underlying one.
These are reasons to wish that the Wick rotation might be more than a mathematical trick. So, what issues would this raise? I imagine there could be quite a few, such as the fact that there would then effectively be a priveleged direction in 4D space (the one that time replaces), though maybe you could say the big bang explains that by inducing a natural geodesic flow outward from the singularity. And presumably explaining causality would be difficult; I heard this is dealt with by the Osterwalder-Schrader theorem, but if these axioms refer to the pre-rotated Lorentzian theory, I guess they would be lost if you claim the theory was Euclidean from the get-go? Basically, I'm wondering if there's something that inherently precludes my wishful thinking, or what the theoretical obstacles would be.
(To clarify, I'm not thinking about Euclidean quantum gravity where you integrate over possible metrics -- I'm imagining that the single curved Riemannian metric + QFT could be the statistical limit of a theory that still takes place within a single manifold.)