Firstly, reversible plugs are harder to make structurally resilient, they only become feasible cost-wise as stronger materials become cheaper and manufacturing grows more efficient.
Secondly, reversible plugs are a lot more complex. Compare the 4(ish) pins of USB-A to the 24 pins on USB-C. Not all of them are strictly necessary for parity with USB-A, but you could cut that number in half quite easily if the plug were not reversible! Sure, this complexity impacts manufacturing, but, less obviously, it also pushes that increased complexity onto the USB controller hardware/firmware.
Neither of these issues were necessarily dealbreakers, but... for a long time they certainly did conspire to make reversible plugs into a pipedream. I have to imagine that were always bigger problems to solve and fewer resources to work with! We're just now seeing reversible plugs really take off because we've finally crossed that magic threshold where it makes sense to try surmounting those barriers.