I can share my view.
Momentum strategies not necessarily involve only buying past winners, stocks which have just started to rise also come on the radar, and sometimes these could be big winners, which don’t lose their upward journey for months.
Pure price based momentum has its advantages, both w.r.t to capital and time. And, this can be done in many ways. For people who rely on pure systems, a lot of time is saved. Systems give results, no discretion involved, buy, book profits or losses as per the system. One can add factors that you have mentioned, but this can change the outcome. Perhaps when more capital is deployed, one can look at these factors, so as to not face bigger draw downs, and if this becomes a core portion of one’s investments.
Just like traditional/standard investing which can be done in many ways, this can be done in many ways too, and as with such investing, this too has a lot to offer w.r.t learning, experience, mistakes and of course profits.
You seem to be interested, if so, read this thread, this will give you a very good understanding of many things that pertain to doing this kind of investing, and much more, if you have not read already.
Read this in particular, from the above thread.