Is there serious literature reconsidering the T→Y substitution in the quantity equation?

i understand the motivation for why the profession moved from Fisher's MV=PT to MV=PY, but is there serious literature reconsidering that substitution?

The original Fisher equation used total transactions (T), but at some point the profession switched to real output (Y). This made sense when financial transactions were a small fraction of total activity, but now non-productive financial flows dwarf GDP transactions by orders of magnitude. It seems like the substitution silently discards most of what's actually happening in the monetary economy.

This seems relevant to several persistent puzzles — why QE produced asset inflation without proportionate CPI inflation, why velocity became so unstable as a predictive variable, why Japan's monetary expansion didn't produce expected inflation. Is there existing literature that takes the T vs Y distinction seriously as a source of these problems, beyond Werner's Quantity Theory of Credit?