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Having a reservoir for the IC cooling circuit isn't really necessary, even for drag or road racing. As long as the system is properly filled and bled to eliminate air pockets there's no problem.
Unfortunately, GM doesn't seem to be very good at doing this at the factory, given all the ZO6 and ZL1s that have had issues. In addition, with the factory setup, it's difficult if not impossible for the average owner to DIY the fill/bleed and the dealer techs, if not clueless, need special tools that they may not have. In a non-warranty situation, you're going to be spending $150+ to have a dealer do the job.
Having a surge reservoir at a high point in the system allows it to purge air in normal operation, and allows checking/filling the system without special equipment. It should have been designed that way from the factory.
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