The Python's accuracy is legendary with good reason...they are.
First Colt simply built an extremely high quality revolver. Good workmanship shows up on target.
Colt's barrels were always famous for high quality materials and workmanship. The Python barrel has a tapered bore and had the legendary, mysterious "Silver ball" treatment.
All this means an extremely smooth barrel, with near-perfect rifling.
Colt's action depends on perfect lock-up with perfect chamber/barrel alignment. At the instant the Colt hammer drops, the cylinder is locked tight, the bullet is in perfect alignment with the bore, and enters the forcing cone well centered and without distortion.
All other revolvers use a "looser" action that allows the cylinder to be loose at the instant the hammer drops. This allows the bullet to align itself with the bore.
This means that the bullet isn't perfectly aligned when it enters the forcing cone, and this very slightly distorts the bullet, which slightly degrades accuracy.
One expert believed that S&W's older pinned barrel actually contributed to less than Python accuracy on older S&W revolvers.
He stated that S&W's pinned barrels didn't require as tight a screw-up fit to the frame, and the barrels were free to flex slightly under firing stress.
Colt's crush fitted barrels don't flex due to the tight fit.
Whatever the reasons, the Colt has a reputation for top-of-the-heap accuracy that's actually more truth than hype.
Although quality MAY have degraded in the last 10 years or so, before that any test of revolver accuracy always found the Python at the top of the list.
Last month the NRA American Rifleman did a tour of the Colt plant. The author stated that the Pythons he saw on the line were the best he had ever seen.
Time will tell.