Classic forums move the thread to the top each time someone responds, but they don't thread the comments.
This seems like a much simpler solution, which is much harder to game. Yet I've never seen a site actually use it in the wild. How come?
In a classic forum, since posting something not only moves the thread to the top, but puts your post in a highly visible place (the end of the thread), it's a lot harder to have too many deeply branching side conversations with low value replies: there's a social norm against polluting threads.
For something like HN where comment trees don't get too deep and the replies are always meaningful, I think threaded bump ordered ranking could work.