Air pumps came first by several years, and I believe they did what they were supposed to. Maybe well, maybe not, but they did do something.
You're not just diluting the exhaust, you're burning it (hopefully). There really is a little bit of combustion that "can" happen with the right circumstances. Which includes injecting oxygen right at the port where any unburned fuel is most likely to post-combust and take just that little bit extra out of the exhaust. Remember in some cases they were retarding the ignition timing as well, so that might have caused more unburned fuel to exit into the exhaust, which made it seem I'm sure like some added air into the ports might just encourage it to burn.
I'm sure it was not as effective as the better combustion chambers and tuning that came along later, and converters and all that other stuff they came up with too, but it was a start.
In some cases they made smog-pump engines with higher heat materials in the exhaust valves, exhaust pipes, and more hardened valve seats due to the extra heat that was generated by the after-burn effect. And probably not in a small part to retarded ignition timing as well?
Air pumps were used from about '66 (not sure of all models, but those were the first ones I saw) and cats didn't come around until '73 or '74 or so if I remember. So they were using the pumps perhaps as the first go at the problem, or perhaps as you say, a stop-gap measure until the planned for cats could arrive.
And after cats they still injected air into the ports, along with air directly into some converters. But not all got the direct air injection. Not sure what the criteria was for your cat to get air, or not to get air, but they did not all have the tubes from the pump plumbed right into their side like some did.
It was a brand new science so to speak. Of course they were just learning what worked and what didn't. And yes I'm sure it was to keep the feds happy to a point too. But as far as I know it did work.
At least to a point. And hey, any improvement was a step in the right direction towards the next step.
I know we lost a lot of joy from the mid-seventies, to the mid-eighties when things really started to turn around. Was a ten year learning curve, but I personally love what the results were. I'm sure a lot of LS and Coyote owners like the results, and 'll take my stock 1998 Explorer engine over my stock '68 or '71 engines any day of the week!
With cats, but thankfully no air pumps.
Paul