I prefer to think that it's not a flaw, but just a design decision - for somewhat less versatility.
Keep in mind that the Dock is different from the finder, and in some ways, a unique service on your Mac.
There's probably a way to do that in Dock, but Apple doesn't provide a GUI to do it.
I did find a tip that may help you in another way:
When you click on the Downloads folder in the dock, and the item that you want is at the top of the list - press the right arrow key, and the top item is selected first.