Although it is a secure latch once pushed in, it is sorta old school. As mentioned, it has a single point of wear on the bar and can be noisier after it wears some.
And seems most of the newer hitches are spring loaded self latching, rather than require you to manually latch them. When the handle slams in you know it is latched. And the design of the two I have had with a wrap around latch would make high hitching almost impossible.
Some still require manually inserting a pin to make sure thay can't come unlatched by themselves. But being spring loaded and sometimes a detent or catch, that is not likely.