The LBC was misshapen because they had an odd requirement: Be single-phase. A three-phase inverter (or rectifier) naturally has low DC ripple and is both more compact and more efficient than a single-phase inverter at all power levels. All of the winning solutions had extra energy storage elements which added inefficiency and bulk which a three-phase inverter would not have needed.
With that in mind, the LBC was a little silly. A three-phase machine at the same power level would have been much smaller than any of the "winning" designs.
A high-efficiency ATX power supply has additional requirements that the LBC didn't need to meet: Isolation. This implies the use of a transformer to protect the low-voltage DC side from the AC side. They typically accomplish this by rectifing AC, using a transformer-isolated unidirectionally optimized DC/DC supply to 12V, and then provide a handful of lower-power DC/DC converters to derive the other voltage levels used by ATX. A modern unisolated DC->AC machine is effectively symmetric in its power flow, and also functions as an AC->DC machine.