^^^^The obvious question is, why replace perfectly good S&W and Ruger barrels with Python barrels?
This started IIRC in the 70s. That's pre-S&W L frame time. S&W K frames were regarded as having the best DA triggers. Python barrels were considered to be the best for shooting hollow-base wadcutters due to their faster rate of twist (one turn in 14", compared to the one turn in 18-3/4" on S&Ws). The faster twist does a better job of stabilizing the HBWCs, plus the Python barrels tended to have tighter groove diameters (.354-.355" compared to .357" with the S&Ws), and they were choke bored, meaning the groove diameter decreased from the breech end to the muzzle.
The main shooting game these guns were used in was PPC, which was shot with .38 Special wadcutter ammo from 6" revolvers at ranges to 50 yards. I can personally vouch for the fact that .38 Special HBWC ammo from a stock 6" S&W M14 will often leave slightly oblong holes in a 50-yard target, showing that it's on the ragged edge of stabilization. The faster twist Python barrels improved that. Plus, they look cool as all get-out.
The gunsmithing involved was pretty high-end. The threads in the S&W frame and on the Python barrel are different, and matching them involved cutting new threads in the frame. This led to barrel makers producing match-grade barrels threaded for S&Ws, which made it easier for gunsmiths and less expensive for shooters. Those barrels were often rifled one turn in 10", which gave even better stabilization, and the barrels were pretty hefty to counteract the jarring recoil
of the .38 wadcutter ammo.
Smythons were also done with 4" barrels for LE and private individuals. They were built for increased accuracy and for the recoil damping provided by the underlug, but I think mostly because they looked so damned
cool.
IMO, the main reason L frames and GP-100s have barrel underlugs is for the coolness factor. They mitigate recoil too, but that's just a nice-to-have byproduct.
About 10-15 years ago, Numrich had new stainless 3" Python barrels for $60. I'm still kicking myself for not having bought one. It would've looked great matched up with my M19-3 with the whole thing hard-chromed.