There are lots of different "bronze bushings" available, but assuming a knowledgeable choice of an appropriate one, and a proper installation, it's a rather glib assumption that "the bushing will wear out faster."

The original arrangement apparently was an iron/steel bolt in an iron hole. When two ferrous metals rub against each other, especially when they rub slowly, there is always some friction welding (at micro level) that tends to tear loose tiny particles. These particles usually "rust" or otherwise chemically combine with whatever crud is present to make abrasive particles - often much harder than the parent materials - that then continue to produce additional wear in the joint. Wear on either side of the joint - bolt or bore - produces an "out of fit" condition that can accelerate the wear.

An appropriate bronze bushing should prevent this kind of fretting damage. The bronze against steel rubbing won't generate abrasives like iron on iron. Many fairly common "bronze bushings" are of sintered material - lots of tiny grains packed and fused together - that provides some space for impregnating "dry lubricants" that can greatly extend the life of a slow-motion joint of this kind. A variety of lubricants are available, with teflon being one that's common now.

Especially if it's a sintered bronze, any particles that are generated by bell motions will mostly embedded into the bronze so that they don't roll around in the joint and cause additional wear.

Just because it looks simple, doesn't mean it's not a sophisticated and effective device. At one time, the guy who used them had to know a lot to get a good joint, but now the "off the shelf" parts have all the goodies built in.

John