They were very popular as workboats 100 years ago. Many were fitted with a large wooden strake on the side of the hull in the last six feet to prevent the various fishing traps and dredges from gouging the hull. Picture using that boat to oyster/crab/lobster for a living! I am sure many men lost their lives making a living on the boats we think of as quaint and historic.
The life of the commercial fisherman has always been one of great risk - still is today. Aboard the catboats 100 years ago, the typical crew was a man and a young boy. The boats heave-to well, which allowed the crew to haul traps, etc., without having to give much attention to the sails. The design that made for a good work boat now lends itself well to today's recreational needs. (And, as I understand it, catboat racing classes are growing in the Chesapeake and Buzzards Bay.)