One thing that has changed is that at that time "chainless" drive was considered to be the new advanced approach (with a drive shaft, rather than chain). The bikes in this catalog with shaft drive cost significantly more, and although it wasn't apparently possible to discern this at the time readily, were less efficient, so perhaps it is not surprising that it never really caught on.
From time to time different companies try to revive "chainless" bikes with shaft drive, but as long as the main power source is the rider, it seems unlikely to catch on. (Perhaps when bikes with powered assist are more common it will do better.)
Wikipedia has a description of chainless bikes that covers the subject pretty well.
Page turner presenting full 1900 catalog of Columbia bikes
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