Bakelite is still manufactured for industrial uses. It is costly & labor intensive to produce, so that probably led to the discontinuation of the more common uses.
"Phenolics are seldom used in general consumer products today due to the cost and complexity of production and their brittle nature. An exception to the overall decline is the use in small precision-shaped components where their specific properties are required, such as moulded disc brake cylinders, saucepan handles, electrical plugs and switches and electrical iron parts. Today, Bakelite is manufactured and produced in the form of sheets, rods and tubes for hundreds of industrial applications in the electronics, power generation and aerospace industries, external living, and under a variety of commercial brand names."
Besides being rarer than other forms of plastic, bakelite just has a heavier, nicer look to it. Plus the colors in old bakelite jewelry are fabulous!
I thought automotive distributor caps were made of bakelite as well because you needed a strong material that was both non conductive, and able to withstand the high heat of an engine.
-Jay