There was a debug mode for Mortal Kombat Trilogy on the PSX (i think that was the right version) that would cause the game to show you attack and defend zones. I couldn't find a snapshot of that cheat, but i made a mockup version for here.
It gives a real insight into how they programmed that game, and a good one to look at because MK 2, 3 had some excellent fighting physics. I can see that using attack/defend zones would give you great control over the fighter interaction.
You can't punch my hand!
A lot of that old hardware did not support sprites that size - this means that many fighting games characters were made from multiple sprites. This also would lend itself to decisions about what body part was in attack mode, if any, and what body part it struck. The point is, few if any multi-zone fighting games used a single object for a player. Most of the games that did (like double dragon) did not have zone-specific attacks, but just different animations for what was basically a recycled punch.
Synchronizing the parts was probably a challenge at first, but i'm sure they came up with good methods and reused them. Especially notice how many versions of street fighters capcom made - they liked to reuse their system!