One side effect of the network switch was that you needed to buy switches. With the old way everyone could be on one wire. With the new way you needed one port per host. Switches also allowed for centralized management. Note that cable works on what essentially is token ring, at least conceptually; channel 0 (i believe, it's been a while) is the heartbeat.
There were actually these connectors you could get from AMP that would hide away the thinnet connection behind a wall plate, with proprietary connectors to the machine, just to keep people's hands away from the shared network segment.