I love it when I find that someone has done something that I've been thinking about. Proves that I am not crazy and saves me from the burden of putting in the hard work myself! :D
At a closer look I don't think that mapping up correlations in a vector space is good enough for the task of fixing bugs based on an issue tracker description though.
The way I see it word2vec is basically statistical connections. So if you compare it to google translate which also works via statistical correlation. Which explains the errors it might do. At some point to get a good translation you'd need human intelligence.
To continue with the google translate analogy. Imagine a translator trying to translate Fyodor Dostoyevski's The Karamazov Brothers to English. That person have to have a tremendous understanding of Russian and English culture not only now but also when it was written along with ideoms and so forth. Along with a deep understanding of politics and religion not to botch the job completely. Or imagine entering a greek epos written in hexameter into google translate and publishing the book.
So you see just as translation and translation might be two totally different things, search and making changes to source code might be different beasts.
Then again you are totally right in that they are doing it. Getting access to this datasource for minining is probably a huge factor in microsoft's purchase of github, so I'd think it would be a safe bet to say that they are working on it...
At least originally, I am sure it's an incredible complicated piece of software by now applying multiple heuresstics.