(Please could tooters use “quotation” marks and/or a “your comment that” to seperate quotes of others from their own toots(?).)
The arrow is a standard for a few reasons.
1) It is the standard across many formats such as email and markdown
2) Much of the fediverse supports markdown so unless your on a archaic server it should display as a nice quote box rendering and not as the > symbol.
(Freemo, I had to go to realcaseyrollins’ profile to find the toot that you’re quoting, as it did not show when I clicked on the original post. Orphan toots seem to be happening a lot lately just like on twitter in the bad old good days. Could be due to mutes, blocks, defederations or other reasons.)
Could be a few reasons. Either your server doesnt support edits of posts properly or people are blocking/deleting posts.