Sight radius matters when you're shooting iron sights and looking for precision. And, the longer the range, the more important it becomes.
The 357 Magnum offered exceptional trajectory, which is another bonus for long range shooting.
With that perspective, one could just as easily ask "Why bother with a short barreled 357?"
Two texts contemporaneous to the intro of the 357 come to mind, McGivern's and Himmelwright's. (Sorry, neither on hand to quite the titles.). Both espouse long range target shooting. Himmelwright, especially, gets into detail.
The info posted in earlier posts regarding formal target shooting factually describe the details of the United States Revolver Association rules.
But, I'll mention a couple other long barreled pistols used in precision shooting.
1) European free pistols such as the Hämmerli or Udo Anschütz were usually made with 10-12" barrels.
2) The Artillery Luger...
When the U.K. still had a relatively active pistol shooting scene, one of the favorite matches at Bisley was called Classic Military Pistol. It pretty much conformed to Int'l CF rules with one exception: you had to use a military issued pistol manufactured no later than Armistice Day (Nov. 11, 1918). No modifications were permissible. The Artillery Luger was treasured for it's accuracy, in no small part to do with the long barrel, sight radius, and adjustable sights.
Men didn't walk around in public wearing short pants and T-shirts, so while there was a place for pocket pistols, it wasn't an all consuming desire to pursue concealability at all costs. More "formal" attire, as well as experience with more "formal" target shooting made a longer barreled revolver of practical value in it's day.
No judgement...just trying to offer some thoughts on past perspective.
Jim
PS: one last thing...the tapered barrel of the S&W 357 made the offhand hold of the long barrel relatively manageable.
I attached a picture from McGivern's book showing his 8 & 3/4" barrel S&W 357 and a block of bullet proof glass.
Notice the two scope mounting blocks fixed to the barrel!!