I think that I will have a go at explaining this.
1) Firstly Colt was unable to produce a .44 belt revolver comparable in size to the 1851 Navy due to being forced to produce the cylinders out of wrought iron. .44 cylinders had to be Dragoon-sized.
2) The Bessemer steel process in the late 1850s solved this problem, allowing a .44 caliber cylinder to be produced with less metal at the outside of the chamber, and smaller in diameter.
3) Colt contemplated producing an all new .44 frame, but then realized that the steel cylinder could be made only slightly larger in diameter as compared to the .36 caliber cylinder.
4) Since only the front half of the cylinder needed to be this diameter because it did not use metallic cartridges, the rear half of the cylinder could remain the same diameter as the 1851 Navy cylinder.
The .44 bullet or ball could be chambered normally in a .44 chamber and the powder charge could occupy a smaller diameter powder cavity.
5) The stepped cylinder made it possible to use the 1851 Navy frame and internal parts, realizing a considerable savings in manufacture. All that was required was to modify the water table, where no internal parts would be interfered with.
6) Had Colt wished, a .44 caliber Navy barrel could have been easily fitted, as well as using the existing Navy grip straps and grip.
7) Instead, Colt opted for a longer round barrel, creeping loading lever, and longer grip straps and grip.
This both modernized the design and made the revolver appear a bit more powerful as befitting a .44 revolver.
8) Colt used the same trick with the .36 caliber Pocket Navy and the 1862 Police model, both based on .31 caliber frames.