I read about it once, and I think they had a rifle out before ammo was very available, or maybe it was the other way around? And I think the .338 WM was introduced at around the same time. But with more factory support. The .358 just never got the traction it should have. 35 cal is underappreciated as it is.
I kind of feel the .358 NM should have been the popular gun across North America for heavy game. The 358 with 250 gr seems like a more meaningful step up than the .338 and the lighter 200 gr bullets that worked better in it, at least according to what I've read at the time.
Probably it's different now, and the .338 has a lot of different choices. Not quite as wide a bullet selection in .358, but there are lighter lever gun bullets for more explosive performance, and some guns have success with .357 pistol bullets in other .358 bore rifles.