Addendum

One reason you need to be innovative is the economic assumptions that are presently successful may not remain so forever.

The Colt Python is a wonderful example.

It was economical when it was introduced, but the intensive level of labor required for that luxuriously deep blue and the smoothness of the action became unsustainable as wages climbed.  Even without a union workforce, it would be unaffordable; it might be something you'd offer as a custom item, but you'd never sell enough to mass produce them today.

There's some parallel with the 1911.  Just looking at all of the parts that aren't made the way they used to be is instructive.  For people who like the old Gov't Model (like me!) it's fortunate that the design lent itself to being made via other processes.

The guts of a Smith and Wesson revolver show the same sort of process changes.