But a cutaway wasn't the first way to make a loose leech, per se. Look at the amount of twist in these 1973 sails;
An open leach arguably isn't the "best" way to make a sail, anyway. It's the "best" in certain ways, in certain conditions, for certain types of sailing. If you change the conditions, the board style, the course style or the technology then it can be quite slow.
By the way, JP Siret's sail was before the cutaway. I can remember us looking at pics of it and saying "who would think that would work?" but realising that the simple fact was that his times showed that it DID work. However, tight leaches continued to dominate for some time in some areas of the sport, because they are a damn good way of generating maximum power for a limited area a lot of the time. JP was speed sailing, but that was a fairly small area of the sport at the time and required different sail designs than the slalom, Raceboarding, course racing etc many people were doing.
Sails of that time were pretty heavy and booms and mast were floppy, so adding area to get a floppy leach had obvious drawbacks. We also tended to sail in lighter wind a lot of the time, when a big floppy leach was just slow. We were very familiar with them because the first fatheads often flopped open in strong winds. And even slalom was often surf slalom, where a lighter sail and good low-end acceleration were important.