Adobe opened its doors in 1982 to create a language interpreter for fonts. PostScript was released in 1984.
Before PostScript, printers would print only ASCII plain text characters and symbols, unless you also had a plotter. Modern technology such as inkjet and laser printers opened new possibilities for graphics printing and PostScript fonts.
PostScript was Adobes solution to create many printable fonts. The fonts could be dynamically resized to any resolution.
The Apple LaserWriter released in 1985 with PostScript. PostScript printers used more powerful processors to resize all the font characters to the printers resolution. By 2001 PostScript can now be rendered on the computer before being sent to the printer. Some printers still have PostScript processing.
There are 3 versions of PostScript: Type 1 was the first version from 1984. Type 2 is the more improved version from 1991. PostScript 3 from 1997 added way more colors and other new features.
Adobe has been providing fonts on its website since 2009.
Information about Adobe Type 1 Font Format: https://adobe-type-tools.github.io/font-tech-notes/pdfs/T1_SPEC.pdf