This is an interesting subject, and I have a few thoughts about it.
I can still remember my Grandad telling me about how his 3-speed bicycle had lasted for decades and was still in great condition - but he was an engineer by trade, and he'd expertly kept it maintained almost as good as new.
My bikes (older steel 5 or 6 speed bikes with friction shifters) have lasted for decades too, just like the OP's and my grandad's, but that was with regular cleaning and maintenance which keeps a bike in its best operational condition - I simply couldn't afford to keep paying for replacements, so it really paid to keep a bike good with minimum costs in oil, grease and just my labour.
I think it's easy to think a neglected bike is still good, as the degradation can be gradual and is often not noticed until something seriously breaks, by which time the sudden realisation that it's all about to fall apart can set in. There's also a survivorship bias - we might hear from the occasional cyclist whose neglected old bike is still going strong, but the many whose bikes have fallen apart are silent.
It's true that more complex mechanisms need more maintenance and shouldn't be expected to last as long without maintenance. So a modern indexed gear shifter shouldn't be expected to last as long as an old friction lever. But we get better performance in exchange.
Another big improvement is that leading-edge bike technology has come down in price. I estimate that my steel Orbit with 10 speeds that I bought 30 years ago cost the equivalent of around £750 in today's terms accounting for inflation - and I'd have been amazed at the time if I could have known what that money was going to be able to buy in 2016!
So no, I would strongly disagree that modern bike components are poor. We just perhaps have compromises between performance, reliability and costs which are different to the compromises made in the past, for valid reasons.
I can still remember my Grandad telling me about how his 3-speed bicycle had lasted for decades and was still in great condition - but he was an engineer by trade, and he'd expertly kept it maintained almost as good as new.
My bikes (older steel 5 or 6 speed bikes with friction shifters) have lasted for decades too, just like the OP's and my grandad's, but that was with regular cleaning and maintenance which keeps a bike in its best operational condition - I simply couldn't afford to keep paying for replacements, so it really paid to keep a bike good with minimum costs in oil, grease and just my labour.
I think it's easy to think a neglected bike is still good, as the degradation can be gradual and is often not noticed until something seriously breaks, by which time the sudden realisation that it's all about to fall apart can set in. There's also a survivorship bias - we might hear from the occasional cyclist whose neglected old bike is still going strong, but the many whose bikes have fallen apart are silent.
It's true that more complex mechanisms need more maintenance and shouldn't be expected to last as long without maintenance. So a modern indexed gear shifter shouldn't be expected to last as long as an old friction lever. But we get better performance in exchange.
Another big improvement is that leading-edge bike technology has come down in price. I estimate that my steel Orbit with 10 speeds that I bought 30 years ago cost the equivalent of around £750 in today's terms accounting for inflation - and I'd have been amazed at the time if I could have known what that money was going to be able to buy in 2016!
So no, I would strongly disagree that modern bike components are poor. We just perhaps have compromises between performance, reliability and costs which are different to the compromises made in the past, for valid reasons.