A little History here.
Case hardening was meant first and foremost as a surface treatment to privide a hardening ot the surface of otherwise too soft steel (but the best they were capable of back then). It wasn't meant as a decoration, but it did look good. Witness the case hardening to the hammers and triggers of the old Smith revolvers. Now case hardening is used as a decorative throwback to those early times.
Bluing was never meant as anything other than a finish to protect steel from rust. Nickle did it better and then they figured out how to use stainless steel which was even better yet. Today they have gone to other surface protectants which are even better than bluing. Most people want surface protection. I'd rather have stainless surface coatings on my semi autos rather than blued beautiful slides. Better protection.
Browning shotguns (the A-5) had beautiful bluing but they would rust if you looked at them funny. It was a constant battle to keep rust off my old A-5 and I finally said to hell with it and went with the Benelli. Ain't shiny and doesn't have the cachet of the old Browning, but it don't rust. Guns are tools and while I love the workmanship and looks of the old Smiths and Brownings and colts-today there are better alternatives. Look what the 870 did to the old Model 12. Love the old PPK but would never own one over a BG380. Got two 1911's that are both stainless but have no use for them at all-keep a Shield 45 for serious purposes. A gun made today to the specifications of yesterday would be prohibitively expensive to make and sell. There are so many old ones out there that can be had by us oldersters, but sad to say the day of the revolver and metal framed automatics are going fast. Glock started the better mousetrap. I think twice before buying any revolver due to the ammunition issues. 9mm and .45 is much easier to get than .38spl, .357 mag and .44. 20 years from now it will be next to impossible to get revolver cartridges.
Sorry for the rant, but functionality of the new surface coatings is better than the ones we all grew up with.