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Declining sales, not safety. Beginning with the '69 models, convertible sales declined steadily each year. The bean counters at GM eventually determined the point where it would be cheaper to produce only coupes. They brought the convertible back in '86 and it has sold well enough to remain in the line up.
"Much to the chagrin of those who bought the 1975 Convertible thinking they would make a fortune on it one day."
The same goes to those that bought the last 200 El Dorado convertibles in '76...supposedly that last ragtops to be made in the US. GM offered the vary last one to the Smithsonian which turned them down. Seems like they knew something GM didn't. I remember reading articles about guys buying them for over sticker price so they could store them away for future appreciation. I guess the joke was on them.
Another reason verts were dropped was due to industry fears of the government making safety standards a convertible simply couldn't meet, or outright banning of their manufacture. We all know now that didn't happen, but the primary reason was declining sales...the fear of regulation gave them the excuse to drop them.