In the old movies, if they weren't using Single Action Army revolvers (real Colts, too), they were probably using either S&W M&P revolvers or Colt OP or Police Positive Specials and except in westerns, you rarely saw a holster. Rarely did you see a Colt Government Model except in war movies and when you did, you usually never saw it actually being fired. There's an exception to everything, however, and Bogart did a pretty good fast draw with one in High Sierra. Anyway, I always assumed it was because it would be harder to make work, since it was an automatic.
Another thing that I noticed was Elmer Keith's comment about a rifleman out of camera range making the hits. I thought maybe in some cases but otherwise no live ammo around. Well, usually not but I saw a photo of a scene being filmed with a rifleman (with a Winchester 94) shooting real bullets about three feet (but out of the shot) from the actor. That was a long time ago and even then it would have been considered a little dangerous since the cameraman and director were behind bullet proof glass. You learn something every day.
There was some recent movie set right after the end of the first Gulf War, starring George Clooney, that included a scene where they are being fired upon by an armed helicopter. The empty cases are falling out of the 'copter by the bushel. Don't know if it was realistic or not but it looked impressive.