It's not as simple as possibly having more of one and less of another. To understand why we have 45min novellas and shorter novellas, one has to realize that the two function and contribute to story-telling in very different ways.
The longer ones are only used when telling stories of greater scope, which entails scenarios that go beyond any individual character or champion. They're usually filled with a lot of exposition too because their main function is for World Building.
The shorter ones (Colour Stories) they're limited to the specific champion featured, which entails a 1st person narrative communicating their state-of-mind and/or inner conflicts. Colour Stories aren't intended to be plot driven either, I mean some are arguably but not a lot, instead their function is for Character Building.