I did a cursory search [0] on Token Ring vs CSMA/CD and it appears that "worse is better" is why CSMA/CD won out.
CSMA/CD was much cheaper to deploy than Token Ring.
"Token-Ring has been a bit of a mystery for many people. This is due to the fact that Ethernet, and other Carrier Sense Multi Access - Collision Detection (CSMA/CD) networks, are the most widely installed network topology.
This is because most network designers cannot look past the initial cost of Token-Ring. While Token-Ring does cost more per port to install, it offers vast benefits over Ethernet and other CSMA/CD topologies."
CSMA/CD was much cheaper to deploy than Token Ring.
"Token-Ring has been a bit of a mystery for many people. This is due to the fact that Ethernet, and other Carrier Sense Multi Access - Collision Detection (CSMA/CD) networks, are the most widely installed network topology. This is because most network designers cannot look past the initial cost of Token-Ring. While Token-Ring does cost more per port to install, it offers vast benefits over Ethernet and other CSMA/CD topologies."
[0] http://www.let.rug.nl/bosveld/algoritmiek/aptokenhc7.htm