I wouldn't say it's that the belt stretches, they really don't. A new belt to a 100k mile belt you will probably see only a 0.5mm difference in length. The issue is that as the motor revs and decels, the belt tension changes. And to avoid the belt snapping (too tight) or slipping/skipping teeth (too loose), the factory utilized a hydraulic 'adjuster' to maintain the proper tension on the belt during these load changes. Most failures of the hydraulic tensioner are from 2 reasons, (1) Old age...it happens, even I'm feeling it or (2) Some asshat decides the proper way to compress the adjuster is to ram it home full speed in a vise.
A solid adjuster is going to have to be set at a certain point that is in between the extreme points, but you risk both during the rev range. AKA, when you shut the engine down or decel quickly like pushing in the clutch pedal, the tension may not be enough to prevent the belt skipping. Or, at say 10k rpm, the belt may be too tight and will snap. Either causes engine damage.
Wiz