That could be part of it. But I think survivor bias generally gets much more credit as an explanation than it deserves, and I strongly doubt that older generations of tools would have been designed like modern tools even if, say, simulation software had been available then.
It could be just relentless pressure to reduce costs, after the people who knew why it should be done a certain way had all retired, and a customer base that changed into one that either didn't know how to recognize quality, or valued it less.
Maybe we can do without heat-treating the surface? Maybe just give a quick grind instead of hand scraping the ways? Maybe outsource the castings instead of doing them in-house using the process we'd honed over decades?