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The previous posts nailed it: Production costs.
Revolvers are almost always touted for their reliability over autos. The thing people don't seem to realize is that a lot of older revolvers have many small, intricate parts, and fitting and combining them is much harder than is assembling a modern auto.
Look at the overall trends with other manufacturers. Ruger discontinued the Six series in favor of the GP100 and its descendants, not because the Six was inferior (shooters love them), but because the GP100 was easier to assemble, and is easier to work on.
S&W takes heat for MIM parts, and two-piece barrels, but those measures help hold costs down.
Compare the current costs of autos vs revolvers. When I was a teenager, a quality auto cost about double the price of a similar quality revolver. That ratio has dropped dramatically.
If Colt were to tool up again to produce something like a Python, that ratio would probably reverse.
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