Old Fuff is right on the geographical divide; in fact, the Mason-Dixon Line was often called "The Smith & Wesson Line." North of that, police guns were Colts, south of it, they were mostly S&W. (An exception, as usual, most MD police carried Colts.)
After WWII, not only did Colt let themselves be priced out of the police market, but they later deliberately abandoned both the police and civilian markets to concentrate resources on their Army contracts for the AR-15/M16. Worse, they made some very bad management decisions. They chose not to revive the SAA line, just before the first "cowboy gun" craze hit. They dropped all their revolvers (except the SAA) just as the concealed weapons market loosened up. They poured tons of money into the disastrous AA2000. They chose to buy Spanish pistols and put the Colt name on them; the guns were by any standard not up to Colt quality. They did not move soon enough to redesign their revolver line to make it less costly to manufacture.
All bad choices, almost as if Colt management (there were a seemingly endless number of owners and Presidents, CEO's, etc., all of whom promised to "turn the company around") had a death wish for the company. In the end, all any of them did was sell out, take the money and run.
Jim