Okay, let's take a swing at this.
Most ad champions that make actual use of the lifesteal, do so over a sustained fight. This "burst" of life steal is limited by auto attack speed (neglecting death's dance). In order to make use of this life steal, you need to build aditional AD to allow you to life steal more.
AD
is one of the most expensive items per it's cost to actually build, at a cost of 35 gold per stat, only beat out by critical strike chance
at 40 gold per stat, (which again, requires AD to make use of) and life steal
which is 37.5 gold per percent of lifesteal. In order to make a very good use of this, we will say roughly half of life steal building ADs need to buy attack speed
, which is the third most expensive stat per gold.
Honorable mentions are flat magic pen
at 37.33 gold per stat, and % movement speed
at 39.5 gold per stat. I discount these because % move speed and flat magic pen aren't super prevalent on a lot of items.
So now that we have spotted the expense of trying to make use of life steal, lets look at why it allows for "burst" that is actually sustained healing.
In order to make use of the life steal, like previously stated, we really need a combination of 4 stats, all of which are very expensive for what they give, but synergize extremely well together. We also need to be able to get into attack range of a target, and that healing is reduced by the target's armor
which has a value of 20g per stat because if we do less damage, we will naturally heal for less, as life steal returns a % of the damage that you do after resistances. As we want to attack quickly, and not with slow heavy autos, the health comes in at a fairly steady rate, with the risk of being in range of many gap closers on a build that cannot really afford to build any kind of resistances itself as it needs
and we will include armor pen
at a lower price of 22.5 per stat for good measure for dealing with tanks, despite flat armor pen being worse than % from last whisper, as the % from last whisper is harder to calculate efficiently for it's raw value.
There are a few who can cheese out this system, notably

as they have some way of abusing the synergy through free stats or on hit effects.
"But Swain has to get into melee in order to sustain, that puts him in range of gap closers and danger" and you are absolutely correct. But swain is also able, and encouraged, to build defensive bruiser items, such as
,
,
,
,
, and to a less bruiser degree and more tank degree
. All of these give him naturally tankier stats which allow him to make use of the free healing in his kit, while making him harder him to kill.
"But healers have cooldowns". Yes they do. But most healers have easy access to CDR such as
, as well as ability power to strengthen what is actually burst healing, as it does not come in at a truly steady rate like life steal. It is also important to remember that healers like 
don't need to actually get into range of any enemy champions to be effective with their healing. Some have abilties that are more useful when being aggressive, but are also viable being used for entirely defensive purposes.
Finally, if an adc is healing to full health with a blood thirster in 3-4 autos, they are likely full build at 40 minutes attacking someone with little to no defenses
¯\(ツ)/¯
Edit: One final note I forgot, mages tend to be cooldown based and are able to play near the back line of a fight, weaving in and out based on cooldowns as their autos are usually fairly low impact on a team fight. Because of this, mages that are squishy in their builds would not need lifesteal because they should not be close enough to take damage if they do not have an adequate way to defend themselves.
Also same counter that you stated for mundo, fiddle sticks, and swain
counter life steal.