"The only real reason is snob appeal!!

In many of the "classic" shotguns the 28-gauges were built on the same frames as the 20-gauge and are heavier. The Winchester Model 12s and 21s come to mind immediately. Also, in the Browning Superposed the 20-gauge was available in a Lightning model, but the 28-gauges and .410-bores were only offered in Standard weight. "

You are correct about the Superposed 28 and 410 gauges but CSMC now offers a true small or 'baby' frame Model 21 that will be less than 6#'s, mine with 28" barrels and metal heel & toe plates is 5# 13oz.
I have CSMC A10 20/28 set with 30" barrels that weighs 6# 6oz with either set.
I was at Kolar yesterday and they now have a 28 gauge set of barrels available.
A 30" set will be going on my Kolar SC gun!
There is recoil and gun weight for most shooters that is attractive and since 28 gauge models are usually along with 410 the least sold, there is collectability for some.
A 12/16/20/28 set also makes for a very attractive gun for some.
So I don;t think it's about snob appeal.-Dick