My immediate thoughts are about how food is a challenge in the beginning of a new world, but really just free bonuses once you're completely set up, and I don't really feel like it's worth the development time/effort unless it's a more robust system than nutrition. Then at that point, it'd feel very odd in comparison to food, so if thirst were to be implemented, I'd like to see some kind of more complex, impactful food/water reworked system entirely. I'd really like incentives to have variety. Too often do I find myself going ugh I don't care, just make more red meat vegetable fruit stew because it hits a lot of the nutrition bars at once. I'd love more reason to make other foods other than for my own fun, especially drinks, which I almost always neglect because it's just another item (jug) to carry around that's less value nutrition-wise than a pot of food.
As for what would make a more rewarding/impactful system that I want... I have no clue! All I know is right now there is more to be desired with food as well, and if I saw a full-on nutrition/hydration update come out, I'd be intrigued.