One thing to keep in mind is that the "cheap" gear of today is still better than than the primo gear of the past. And guys didn't just start catching good bags of fish yesterday, they've been doing it since way before the bicentennial (no graphite, cheesy sonar, rough-grindy-heavy reels, and line that wasn't worth a crap). Fish still were caught....Lots of them, and guys enjoyed doing it.
We are spoiled brats.