Imagine it as a mechanical low pass filter that will nicely bounce between the peaks, so the information is much easier to identify then trying to see numbers bouncing around. Bar graphs suck in comparison.
It would be interesting to see the transfer function of a mechanical display.
And yes, modern equipment is sparse on HF filtering. If you want an example, plug a multimeter (like a bench one) into a spectrum analyzer. There is infact a market for devices that don't use MCUs, or have a disable function, particularly for cryogenic work, where the noise might heat the sensitive equipment (for real!).