In a sense ever since they were invented that Drinfeld modules and later shtukas are the "right" objects to study and play the role of elliptic curves over function fields by virtue that they allow us to prove nice theorems (say Langlands in the function field setting). However a really naive thing is very unclear to me: what is wrong with the naive guess that such results could be achieved by studying the moduli space of elliptic curves over function fields?
Or rather why are elliptic curves over function fields not the right analogue of elliptic curves over number fields?
The two arguments I have for this are explicit class field theory and the underlying symmetric space:
- we would like the Tate module to give us an explicit construction of class field theory, and it is not clear what $\mathfrak{p}\subset \mathbb{F}_p[T]$-torsion of an elliptic curve should mean, whereas this makes perfect sense for Drinfeld modules as a "linear algebra gadget"
- on the other hand an argument could be made that the "space of lattices" is the corrcect object to study, and elliptic curves and Drinfeld modules "just happen" to be the objects allowing us to give this space the structure of an algebraic variety.
However both of these are "post-hoc" arguments, surely Drinfeld would have had another reason to know that $X_0(N)$ wouldn't do the job for function fields.