As I recall, the horizontal hold knob disappeared first, then vertical hold followed a number of years later. And I'm sure that it was again a case of improving technology and more stable circuitry. I remember that the 1970 Heathkit color TV my dad built would periodically lose horizontal hold and we'd need to adjust that particular knob, whereas I don't recall the subsequent TVs that we bought circa 1977/8 (from Toshiba, Panasonic, and Sony) ever losing horizontal hold. But even then, I do remember that those sets could lose vertical hold (the picture rolls vertically) and I remember needing to adjust the vertical hold occasionally well into the 1980s. By the time I bought an HD-ready set in 2001, both controls were gone and they weren't needed for any normal programming material.
As an aside, one benefit of having a vertical hold adjustment was the ability to get a picture from a non-NTSC signal. When I was in grade school, I had a small B&W portable Panasonic TV, and when we ended up in West Germany for a couple years in the early seventies, I was able to adjust the vertical hold to get a stable picture on the local PAL broadcasts. It was of limited use, though, since I still couldn't get sound from those broadcasts.