I think something missing from the discussion is an appreciation of the technology of the time.
The .264 Win Mag showed up in 1958. Where were the very long hi BC bullets then? 20-30 (40?) some years in the future. It was made to use the "standard" 6.5mm bullets of the era, AND fit in a 30-06 length action. Max loaded length is exactly the same as the .30-06, at 3.340".
IT shouldn't be a surprise to anyone that it is not optimized for bullets that didn't exist when it was designed.
Belts on magnum cases? H&H is entirely responsible for both, the belt and the name "magnum". They took the word "magnum" from the wine industry, where it meant a larger than standard size bottle. And it was fitting as the "magnum" case was larger (and longer) than the standard size rounds of the day.
And, that day was back in 1912, the same year the Titanic sailed and sank. The .375 H&H case was 2.850" long, with a loaded length of 3.600". It is a long tapered case that does not have much of a shoulder.
H&H was concerned with reliable headspacing in bolt action rifles, and particularly dangerous game rifles, and the belt worked well for that, without the drawbacks of a large rim. Its not well remembered today, but H&H also produced the .375 Flanged (rimmed) Magnum for use in double rifles and single shots. Same case but no belt, it had a rim, instead.
In 1925 they introduced the .300 H&H, same length as the .375 but even more tapered with a long shallow shoulder and the belt to headspace on. Both rounds were very popular, and over the years since, were the main cases used by wildcatters to develop the belted magnums of the 50s and 60s.
Why did they go with the belted case, instead of using the .404 Jeffery or some other large non-belted case? Sure, it would have been more efficient, we know that, NOW, but the H&H belted case was available, and much cheaper than the .404 or other rounds.
Ackley "improved" the .300 H&H by blowing out the case to a much less tapered body and giving it a short steep shoulder. Weatherby (and others) took note of that and made their own magnums, all based on the H&H brass.
The buying public associated the belt with the high performance magnum rifle rounds as they all had them, since all (or nearly all) were based on the H&H belted case, because that's what the wildcatters had available to work with.
and that's what the market came to expect and demand, even when the case shoulders were adequate for reliable headspacing.
Winchester introduced three belted magnum rounds (all based on the H&H case, shortened and blown out) in the 50s, the .264, the .338, and the .458. Remington brought out their 7mm Magnum in 62, and Winchester's .300 Win Mag came along a year later. That was a bit over 60 years ago now.
Time marches on, technology advances, some things get better, others (like me) just seem to get older.
60 years ago we were driving on bias ply tires and burning leaded gas. A lot of our cars didn't even have seatbelts. Yes, we're a lot better off today, but back then, like the belted magnums, it was as good as it got in those days.