As I mentioned everyone I know uses the air die grinders these days, but the electric grinders that I saw in use back in the 1980s were variable speed. I remember talking to some people about those back then, and one of the attractions was that the grinders had a fairly large rotating mass, giving them a lot of inertia. So you could slow the speed down, and if the bit caught in the work it wouldn't tend to stop like it does with an air grinder, it would just keep going because of the inertia of the electric motor. So that made them easier to control at low speeds, which some of the guys doing the porting found to be useful. I also remember seeing the electric motors hung up over the bench, with a flexible shaft on them down to the tool holder. One of the issues with the electric grinders was that they were very heavy, so this was an attempt to make the grinder easier to handle at the point where the operator held it.
Also back then almost everyone was porting cast iron heads; very few aluminum heads were around. It might be that as aluminum heads became more prevalent, the air grinders became easier to use and most people eventually made the switch. Just guessing on that one...