Back in the mid '90's I helped remove the 500KHz wire antenna off the ship. I wasn't a radioman, but I was friends with him. He was looking for some assistance and I was happy to get out of whatever else it was I should have been doing.
Anyway, I felt sort of bad taking it down. Like the end of an era.
So, anyway, back on topic...
Long wave worked well since it didn't skip. The ground wave nature of it worked well for beacon use since it was used for navigation. Same reasoning behind Loran, Omega, etc. You wanted a ground wave signal that wouldn't bounce off the atmosphere and screw up the pilot/navigator taking bearings.
Also, since there were hundreds, if not thousands, of these beacons in the world (at the time) being able to reuse frequencies was necessary. With the limited amount of spectrum available, it was useful that beacons usually only covered a few hundred miles.
Certain, under ideal conditions, it would travel farther, but that wasn't the norm.