Just for clarity's sake... Studies on bicarb show time to exhaustion in trained athletes for a given anaerobic effort is greater. Blood lactate levels can be pushed to higher levels with bicarb than without. This is pretty big for 400-HM races. I don't believe studies have been done on longer efforts, so it's unknown whether it's beneficial for the marathon.
Over the last 2 years I've thought there must be some new drug on the market, but I'm more and more convinced that it's just bicarb on top of supershoe advancements.
Back to OP's question.... I'm undecided but am leaning towards no ban for the following reasons:
A) I'm unaware of any evidence of it being harmful, so there's no motivation from a health standpoint.
B) It's essentially a nutritional supplement. Creatine is another performance enhancing supplement that is legal. How would you justify banning one and not the other?
C) How would it be enforced? In horses they use a blood test, and it has to be done soon after competition. Are we going to require finish line blood samples?