Couple of points when you start to wonder why the cases and charges were used "as is"
Why a down loaded 44-40? Because the full 40g charge would jam up a SAA with some regularity.
The issue of reliability is the reason many gunmen of the day used a 44-40 rifle and a .45 Colt hand gun.
I sure sounds like you're saying a 40 grain charge in a 44-40 will jam up a SAA more than the same 40 grain charge in a 45 Colt?
I don't buy that for one minute because I shoot both in SAA's and I can tell you from experience the 44-40 guns run MUCH cleaner. The only area of concern in them is the cylinder pin/bushing area. The recoil shield, hand, hammer area stay nearly as clean as shooting smokeless. The 45 colt's on the other hand get filthy compared to the 44's. Even worse if I shoot 45 Schofield in them. I'm cleaning a 45 colt right now from yesterdays shoot.
What I do buy is the possibility that UMC may have offered the 28 grain charge ammo in 44-40 for an option in revolvers. Not for reliability but for the same reason people used 45 Schofield and the 45 Government rounds in the SAA. A 40 grain load is not the most pleasant shooting load in a SAA and I have read besides the fact of wanting a round that would work in both the Smith and Wesson and the Colt revolvers, many also found the 28 grain load to be more manageable to shoot.