cost of interface cards was one of it's biggest downfalls. I was an ATM backbone engineer in the beginning of 2000 and the cost of STM-16->STM-64 cards was prohibitive to say the least. We were transporting ip Video On Demand over ATM, the business case didn't make any sense to be honest. Large overhead, complex, expensive. It had its place in the 90's and in the beginning of the millenium but nowadays it doesn't make any sense
I mentioned that, didn't I?
Certainly lots of options these days, but back then, if you wanted the best path, you didn't have any options beyond dedicated media or ATM.