If memory serves the secondary well is supposed to help keep the mixture from leaning out when you open the throttle suddenly. almost same effect as an accelerator pump but not as good.
As for why it was deemed unnecessary, its more like it wasn't thought of before.
there were A LOT of inventions and improvements in the carburetor world from the 20s to the 60s.
No noticed any hesitation when accelerating with the early carb compared with the secondary-well carbs. Perhaps I'm running ir a trifle rich which would compensate for any weakness.
I believe the early Zeniths did have a secondary well, it was cast into the body of the bottom casting instead of being a brass insert. It would be interesting to learn why Zenith thought it necessary to later incorporate a removable brass well.