No, they had a distance restriction governing how far the ball could travel when struck by an old wooden club at 60's vintage clubhead speeds. That was accompanied by an assumption that if you hit the ball much harder than that it would be so uncontrollable that no good player would bother.
Then balls came to market that when struck much, much harder by a much, much superior club by an elite player could in fact be controlled. To no ones surprise but the USGA's, the result was distance far beyond their "ODS" number.
So they dithered around "studying" the problem for a few years and then basically shrugged their shoulders and accepted the new status quo. They updated the testing regime and set a new limit based on how far modern golf balls of the day were travelling when struck at somewhat more realistic elite-player clubhead speeds with somewhat more realistic impact conditions. No actual reduction in allowed distance occurred.
And that's the situation we have now. Players are hitting the ball the better part of a hundred yards longer than the old test ever reckoned was possible and controlling it nicely, thank you very much. Since the new, more realistic standard had its parameters set to avoid ruling any ball that existed in the mid-2000's non-conforming it had to be set pretty darned high. Not surprisingly, the strongest players are now swinging even faster and the optimized ball/driver equipment is performing slightly better than even a few years ago. That will continue.
So having sat on the sidelines when it was (arguably) possible to rein in ball speeds and distances early in the modern era, they are now stuck with two unappealing options. Continue to do nothing and let the prevailing standard of course setup for elite competition get longer and longer or try to convince the industry and the players to see the parameters of the ball test "rolled back" to 5, 10, 15 percent less distance than the current Rules allow.
P.S. My prediction is they will, a couple years hence, come up with some ill-advised ruling that some "tournament ball" be used at the highest levels of competition [sic]. And that even that ball will not be distance limited but will have some sort of high-spin specification. I further predict that the result is the strongest players will continue to hit it farther and farther but also crookeder, thereby necessitating courses that are both longer and with more buffer area for safety.
The reason I predict this is because I believe all USGA rule making recently has been motivated by a desire to somehow force the game to be played as it was in that comfortable interregnum during which the elite player preference for wound balata balls made rule-making trivially easy. Rather than deal with the world as it is, they are trying their damndest to force the world to go back to how it was when they did know how to deal with it.