47mm was not as prevalent when my watch world involved Panerai, only the 127, 217 (203 perhaps). And then the 232 came along.
At that time 99% of what one saw, and what other collectors / enthusiasts wore was 44mm.
For the same reason the newer 42mm just donโt look right to me (on MY wrist). While itโs by far a better fit, I just donโt see what I think as Panerai when I look down.