Yep. But the gender undefined pronoun would be the male pronoun. So while semantically it would be gender neutral, from an overall perspective it's still male-centric. And we might want to have a way to refer to humans in a completely gender neutral way without ever having to explicitly specify it.
But still, I guess using 'he' as a universal pronoun would be the most elegant solution. Although you can imagine some not liking it's historical baggage.