Strawhat, the best-functioning copy I know of is the Ranger from Barranti's Leather
https://barrantileather.com/shop/ols/products/ranger/v/RNG-4-n Cost--floral carved--is about $300. They changed the design just a bit, it rides higher on the belt than the original. I'm convinced I'm going to try one, still deciding gun to order one for first. More below.
I figured that wedge of leather between the toe and the skirt was to cant the grip close to the wearer's body. I like the design.
The half-liner serves to tip the gun a bit, but mostly aids retention. That strap around the front locks the holster on the belt--it is sewn in place to establish the width of the belt the holster rides on--and holds the gun snugly in place, close to the body.
The wedge is formed by a multi-layer welt. It tips the position of the gun a bit, and the triggerguard rests on it like a "shelf", but the primary purpose is to lock the gun in place in the holster. The frame is held snugly between the vertical part of the wedge and the fold of the holster. (I hope that makes sense, I'm not used to describing holster parts!)
The result is a close-riding holster with good retention, without a thong or strap. I got thrown a couple times while wearing one; when I stood up my pistol was still in the holster. (Had a pinecone in the triggerguard one time, but the pistol was still in the holster!) A strap or thong does help secure the pistol, but it isn't as necessary as on some of the looser "gunbuckets".
Kind of an interesting history on these. I've heard the design originated with a holster made by the King Ranch saddle shop. Brill, or someone in the Austin area (and the originals
all seem to come from around Austin) studied the King Ranch holster, lightened it up by trimming the skirt closer to match the outline of the holster, made a few other tweaks, and there it was.
I've owned and used several, from Brill and from other Austin-area makers. On all, the trigger is exposed, even the automatics. A 1911 will fit in a holster made for a 5" (IIRC) N frame, but the trigger will be covered.
In my opinion, they are the ultimate in the evolution of the Western holster.