The main reason that welding trumped pinning, IMHO, is that welding can be done with the cams in the vehicle, and you can find someone to weld them for about $100, if you open the engine up to get to them.
Pinning requires that all cams be removed from the engine and then reinstalled. This adds time and effort to effecting a solution. You are more likely to need to ship them or take them somewhere to have them pinned, rather than have someone show up to weld them.
Another issue against pinning is the difference in the hardness of the shaft and sprocket.
Even if it is a better method, which I do not believe it is, it is not as feasible as welding.
The main reason they fail is not that the attachment method is not robust enough, it is that the attachment method is not robust enough to withstand the forces caused by the gear not being centered on the sprocket. This causes the sprocket to be pulled one way and then the other as the shaft rotates.
If the gear were centered on the sprocket, even with the wimpy design, few cams would have probably failed.
The only welded cams that failed that I have seen pictures of had welds that were unacceptable, even to my untrained eye.
That is, in a nutshell, what I remember from reading the emails over the years that this all developed.
Doug