No, it hasn't. Technology just wasn't there back then which caused significant cost per time unit, which makes it only fair to charge per time unit.
Yeah. In the dialup days, layer 1 and 2 of a home internet connection was a long-running phone call between your own modem and a modem of an ISP. You payed via your phone bill, for the duration of the call.
I think this says something kind of profound about information and capitalism and whatnot.