The artificial Prussian blue (PB) is a more intense colour than the natural red in red lead (RL). PB forms colloids and can be very finely ground. RL forms tiny platelets that resist reduction below a certain size. Thus, it is ideal in paint as they lie down overlapping one another as ther paint dries.
If you are scraping down a bearing, you will still be able to get high spots with PB that RL would not pick up. That's why it eventually won out over red lead.
Why not sooner? Partly cost. RL was easy to make whereas the process to manufacture PB made it relitively expensive right up until the First War.
I suspect that an innate conservatism in engineering helped to keep RL in use long after it would otherwise have vanished.