As Jim Watson wrote, Colt took it seriously enough to build its pistols with it in the 1930s, before war production caused them to drop it and revert to M1911 specs. Then after the war they didn't rush to reintroduce it but by then, other manufacturers had started using versions of it in other pistol designs.
My theory (and it's only that, so make of it what you will) is the design came about because engineers hated the fact that handguns had gained a reputation of firing when dropped. The idea was so strong that it became part of Hollywood galore, even before Mr. Bond dropped his PPK/S off a roof in the Bahamas.
Lawyers and irresponsible millennials came much later.
Too many people miss the silver lining because they're expecting gold.