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Jack: When I replaced my steering column on my '71, I noticed the same thing. It just goes in enough to get the bolt into the coupling! But it seems to work OK.
The detachable flange that attaches to the steering column shaft has a pinch bolt that must pass through a notch on the end of the shaft. As I remember, there is over a half inch of possible adjustment for the pinch bolt to be within the length of the notch. The half inch adjustment should take into account body to frame tolerances.
As long as the pinch bolt passes through the notch, you will have a safe connection. The design was validated under manual steering loads with minimum flange engagement.