I once worked for a small company that was based around using a patented variation on this. It works really well and creep can be basically eliminated by using multiple counter-tensioned steel cables instead of rope and running a burn in process to let the tension settle evenly. You can even get an arbitrary number of rotations by extending the capstan.

I think the main reason it isn’t used more is that assembly is more difficult due to needing to deal with winding the cables and a general lack of knowledge on how to do it well.