By far my most valuable use case for switching components (at least for now) would be moving from deprecated components (mostly text and button) to the new ones.
However, these do not have the "Switch Component" option.
This is coming soon! We'll be rolling out the ability to upgrade from deprecated components to their non-deprecated versions over the coming weeks 
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Just saw that this is has arrived..
There is now a a notice at the top of the Inspect window:
Thanks!
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We'll be rolling this out to more deprecated components over the next few weeks along with a way to upgrade all of your components at once!