I didn't live during that period of time, but I wouldn't be surprised if the field had some recalcitrance for cultural reasons -- think of all the classic photography that is in black and white. B/W may have started as a technical limitation but it's something that could have become inextricably associated with "classic photography". On NPR today, they were interviewing the latest Sulzberger to take a leadership role at the New York Times (the Sulzbergers own the paper), and when asked about how the NYT will adapt to the technical changes, he talked about how even in his lifetime (he's only 35ish), the NYT heavily debated having color photos on its front page because it was unseemly (the first color front page photo was 1997 for the Gray Lady) [1]
From an artistic perspective, B/W photography absolutely has advantages from a dramatic perspective. Think of how we describe clear-cut situations as being black-and-white. In certain situations, the actual color in a scene can be extremely distracting and cut away from the photo's intended center.
[1] https://en.wikipedia.org/wiki/The_New_York_Times#Style