if I had to guess I bet they allow for a very small 'chuck' and are easy to get in to tight places.Always wondered what the purpose of threaded drill bits are, i get that they wouldn’t slip in the chuck but regular bits are good enough for a drill press, and I’d much rather it slip than grab and throw the workpiece at you or break your wrist in a hand drill, and they must be a major pain in the *** to get out if much force gets put on them
obviously they’ve been around a long time and are still made so must be something I’m missing no?