There's also another reason.
The great Lotis 72 had inboard brakes, and was a very successful car. But in 1970 at Monza, Rindt was killed, while driving a 72.
On Rindt's fifth lap of the final practice session, Hulme, who was following, reported that under braking for the Parabolica corner: 'Jochen's car weaved slightly and then swerved sharp left into the crash barrier.' A joint in the crash barrier parted, the suspension dug in under the barrier and the car hit a stanchion head on. The front end of the car was destroyed. Although Rindt was rushed to hospital, he was pronounced dead. Rindt had only recently acquiesced to wearing a simple lap belt, and had slid underneath where the belt buckle cut his throat. He was the second Lotus team leader to be killed in two years, as Jim Clark had been killed in 1968 in a Formula 2 race at Hockenheim. An Italian court later found that the accident was initiated by a failure of the car's right front brakeshaft, but that Rindt's death was caused by poorly installed crash barriers.
http://en.wikipedia.org/wiki/Jochen_Rindt
In other words, the shaft failed, and was instrumental in Rindt's death. Today's cars have the brake disk firmly attached to the wheel, and it's simple and reliable because of that.
Sometimes, the classic engineer's mantra of "keep it simple, stupid" (KISS) does make sense.
Racing should be decided on the track, not the court room.