If I'm correct, the Python was discontinued from Colt's regular lineup in about 1999 and continued as a Colt Custom Shop gun until about 2005 as an "Elite" mirror-blued gun or an "Ultimate Stainless" super-shiny stainless gun. Pythons were originally made in Royal Blue and Bright Nickel until the highly polished stainless gun replaced the nickel version. I don't remember which year the change from nickel to stainless occured but I remember handling a Colt Custom Shop Ultimate Stainless gun at the SHOT Show that year and its extra-gunsmithed double action trigger pull was smoother and lighter than any I felt before or since. I'm sure it was specially tuned for the show.

I believe you are correct that the Python's accuracy comes in large part from its excellent single-action trigger pull. From full cock the cylinder locks up tight through the hammer fall instead of remaining loose like many revolvers and the gap is extremely close between the front of the cylinder and the barrel's forcing cone. The crisp release is second to none in my limited experience. The double action pull is usually also very good, but nothing like the single action pull in standard production guns. The front and rear factory sights are also great and the 6-inch barrel puts plenty of room between them.

As for why Colt quit making them, Wikipedia says: "In a 2000 follow-up letter to distributors, the company cited changing market conditions and the costs of defending lawsuits as the reasons for the discontinuation of the Python line, as well as a number of other models." I think the "changing market conditions" parallelled the fortune it would cost to keep producing them that you mentioned.

I would be comfortable hunting deer with the Python using appropriate hunting ammo but, like you, I'd be more comfortable with a .44 caliber gun. These days, I'd either need to attach a scope or limit my maximum shooting distance. I used to carry the Python in a camo chest holster while rifle hunting until I replaced it with a 10mm semi auto.