I am, perhaps, being a little too scornful in calling it a "just-so story". I call it this because it is claimed to be a "prediction" of a general theory--which I would argue it is not precisely because evolutionary biologists would behave as I have indicated. In fact, the account given is a proper scientific theory in its own right, which can be tested and falsified (by finding a population of slowly reproducing 'immortal unless slain' organisms), modified to account for the contrary data (provided the new modification is still testable) and so forth.
Some sponges fall into this category, and evolutionary theory covers them, too.