Of course one of the big issues with VHF is antenna length, esp. on the transmitter.
If you look at the older systems a lot of them had long external antenna's (30cm+ on some) and I'm guessing the handheld ones that didn't a a lot of compromises had to be made, esp. as most of the time the antenna would be covered by someone's hand, contrast that with UHF systems where the smaller size of the antenna allows it to be put where it is less likely to be covered, or if an external antenna is used then it don't need to be anywhere near as long and so a lot less cumbersome.
Naturally if Band II/III was to be where wireless systems ended up then you would expect the main players to plough a lot of money into it, wireless righty or wrongly is now essential to a lot of situations/performers and they expect decent reliable wireless equipment and any manufacturer that could not provide it would lose market share very quickly. At least the two main players, Shure and Sennheiser, have VHF experience even if it was mainly back in the day.
Though just be glad they are not bringing back Band I wireless systems, I've seen pictures of the Beyer and Sennheiser ones, the aerial seemed so long that you might just have used a wired mic!
OT but I am guessing some/all of the mics on this performance were Band I (~30-50Mhz), wouldn't like to be too agile with them less I got repeatedly whipped by the antenna!
https://www.youtube.com/watch?v=8Tm6iO-mQfw
