The induced field design gives up a bit of efficiency but is mechanically simpler than rotating coil designs plus there are no brushes to wear out.
The permanent magnet system is common now, magnet metalurgy is much better and the regulator technology has advanced a lot. Regulator technology back then had only a crowbar system for permanent magnet alternators, dumping excess output into a resistor to make heat. The GL1200 is well known for problems with it's PM/crowbar alternator. The problem for a sport bike is that the alternator makes maximum power all the time, and that robs horsepower that should go to the wheel.
New technology uses a switching regulator that doesn't waste power. But we're talking about 30 year old machines here, right?