This stems from a number of things many of which are hold overs from the early days of graphite shafts. 1. The early shafts were known to be whippy. 2. There were durability questions with early graphite. There was some thought that were the shafts rub against your bag would wear down the finish and weaken. They were known to break at or near this point. Coincidentally this is also were there is a lot of load on the club which is most likely why the broke there. The rub point from the bag was most likely simply cosmetic but be that as it may they were known for this. Therefore, you had to "baby" them. In both of these cases these issues have been remedied with advancements in technology and materials and no longer hold true. 3. Ego & stubbornness. The whippy part was seen to give Seniors and Ladies a little extra pop and therefore those groups gravitated towards these first. Typical male bravado does not want to acknowledge the affects of aging and we naturally resist change. 4. The feel was different than what people were used to. 5.Cost. So early on you had all of the above "negatives" and then you got to pay more for it.
Flash forward to today and most of these concerns are relics from the past, but in golf they die slowly. Graphite is now more durable,stronger, and made with better materials and designs. However, they usually do cost more. And some golf companies market these to seniors and ladies in stock options and you need to go custom if you want them in a regular or stiff flex.