Allow billing addresses to be marked and used in a coherent way

In CiviCRM you have a location type named billing. In addition to that, there is a checkbox named "Billing location for this contact".

As far as i know, CiviCRM will use the address that has the checkbox ticked whenever you do things that require a billing address such as creating an invoice - the location type is not relevant (correct me if I am wrong).

Having two options to mark an address as the billing address is extremely confusing for users and leads to errors/problems. The location type cannot be disabled either and renaming the label is obviously not a good idea either. In a SE question on that topic, Andrew mentioned:

For future versions, I'd suggest that the billing location type wouldn't be necessary if contacts were allowed to have multiple instances of the same location type. For backwards compatibility, old sites could keep the billing location type, but new sites could just have a new home (or whatever default) address get added and marked as billing.

This seems like one good approach, another option could be to remove the checkbox and only rely on the location type for all billing functions. As I am no developer I cannot contribute any code but I would be happy to support the process in other ways (e.g. by providing use cases or documentation).