Bullseye,
I've only seen pictures of the the newer two-piece barrels, so this is mostly guesswork:
The traditional S&W revolver fabrication consisted of drop forging the barrel blank, roll engraving, straddle milling the rib, milling the underlug, drilling the locking bolt holes, turning the shank and threads, drilling and reaming the bore, broaching the rifling, and lapping the bore, fitting, polishing, and bluing, with lots of gaging and inspections in between operations. LOTS of machine steps needing specialized tooling and fixtures. Time, and labor intensive to fabricate, requiring skilled labor to fit and install the fixtures, tool up the machines, and assemble completed revolvers. This was true up to about a generation ago when cnc machines completely replaced the old skilled labor-intensive parts making and fitting. A cnc screw machine, for example can be programmed to do everything imaginable to a piece of raw bar stock, and all the operator has to do is load and unload the bar stock, check cutting fluid and lubricant levels, and press the right buttons to start/stop machining operations.
The newer two-piece barrels are basically shrouds fitting over an actual inner barrel. The inner barrel itself looks like a simple screw machine fabrication, turned, ground, and threaded from rifled bar stock. The shroud or outter barrel can be investment or MIM cast since it takes no real firing stresses except at the barrel shank end where it bears against the receiver and the muzzle end where it presses against the inner barrel. Minimal machine work to the shroud. If this is true, then the outer "barrel" is relatively cheaply made and eliminates all the previously expensive machine operations of forging, grinding, milling, broaching, drilling, etc, etc. Most all of the cosmetic and functional surfaces are cast to minimize machining steps.
In a previous life, I studied manufacturing and machining operations for the aerospace industry. Much of it is still there when I have to think about it.