The use of the flanged joint goes back more than 300 years. I believe the use of what became basically the now standardized mechanical joint design only goes back 85 or so years, to U.S. Patent No.1,365,530 of Mr. W. D. Moore of ACIPCO. Both joints (with some improved gasket means now available) are good joints and still used effectively for many applications today. However, in addition to what has already been said, their bolted assemblies are relatively labor-intensive and their performance rather labor-reliant compared to some contemporary and essentially boltless push-on joining structures that have been introduced into the marketplace in the decades since. I believe there will perhaps eventually also be more future preference for contemporary joints that do not require such bolting, based on ergonomics and trench safety etc.
As a result of its geometry and rigid bolting nature, the flanged joint in theory requires perfect alignment of support along the axis of the lines to avoid placing bending loads on the pipe, fittings, and flanged fabrications etc. in construction (and perfection in particularly underground construction can be difficult to obtain in some locales in even this 21st century!) I think this reason, perhaps also along with realities of differential settlement, vibrations, seismic movements, some injudicious choices of bolting material relative to corrosion etc. in some areas is why some AWWA manuals and standards contain the cautionary statement, “The use of flanged joints underground is generally not recommended because of the rigidity of the joint.”
As one poster has replied however flanged joints are still used internationally, and even in a few areas of the USA off the branches of underground tees.