The efficiency of the verticals is better. In the early days, many AMs had a "T" arrangement where the vertical did the radiation, and the horizontal part was mostly a "capacity hat" to increase current in the vertical section.
Such low mounted antennas were often easy and cheap to build.
As many stations were in city centers, the absorbtion losses into water pipes, steetcar tracks, and building framework steel was considerable. Electrical noises (like streetcars) within the near area got into the audio.
Without the ground radial systems used with verticals, much of the power disappated in local ground losses could not be collected and
returned to the RF common point to increase the efficiency.
As the industry learned these facts, the move away from horizontal antennas for AMs began.
Late 1920s and into the 1930's most stations switched if they could.
At some point the FCC required minimum radiation efficiency which such horizontal antennas did not meet.
They ARE permitted for emergency use, as when a tower collapses.