Sure is a simple enough design, but I bet when ratchets with levers to change direction became more freely available, mechanics owning these spent their pennies pretty fast.
I've got two ratchets without reversing levers, both 1/2" drive. One is a BOG Tool company one with a square drive on each side - just pick the one that goes the direction you want. As best I can tell, that one uses a roller-and-ramp "ratchet," rather than gears, like the arrangement on the pull rope for a Briggs and Stratton lawn mower motor; or the free wheel on many bicycles. Actually a brilliant design, because it's effectively an extremely fine tooth ratchet. That one came from my father's father, and is enjoying an honorable retirement.
The other is a Craftsman with a square drive insert that you shove through in either direction, with the socket going on the part sticking out. I'm holding on to that one, because the ratchet head is very thin, and who knows when I'll need to get into a tight spot with it? That's my excuse, anyhow.
Interesting to see the ferment on this subject in the early 20th century, before one design became dominant.