Quote from React docs:
You may rely on useMemo as a performance optimization, not as a semantic guarantee. In the future, React may choose to “forget” some previously memoized values and recalculate them on next render, e.g. to free memory for offscreen components. Write your code so that it still works without useMemo — and then add it to optimize performance.
Basically React can reinstantiate memoized value at any time if it wants to and you will lose your whole Store because it will be recreated with default parameters.
It might not do it right now, but it is better not use memo for persistent values so you won't be forced to make refactoring if you migrate to future versions of React.
Link: https://reactjs.org/docs/hooks-reference.html#usememo