Great points.
I'd like to add that, those older games are often made by a small, ragtag group of developers or even a single person. Those games are truly made with intense passion and a singular creative vision, which in alot of times it shows in the final product.
For me, that adds to the charm and the fascination for these old games.
Nowadays those AAA game developer are backed by multibillion dollar publishers (coughEAcough) who are constantly looking over their shoulders, often stifling creativity and fostering a risk-averse environment where developers are afraid to experiment with new things. At worst, they churn out more of the same if not increasingly inferior products. There are just too many examples to list.
But once in a while, you'll find a gem made by small-time devs with the same intrepid spirit of the olden times, such as the Amnesia series and Shovel Knight, to name a few.
That's a good point, though I'll say that there are a fair few massive projects which are also willing to take major risks. Speaking of EA, you can really feel the passion in Star Wars Jedi: Fallen Order. Or God of War, or Red Dead Redemption 2. But yes, there are a large number of AAA blockbusters which seem to have gone the way of the Hollywood blockbuster.
The independent gaming is thriving like never before, though. Games like Return of the Obra Dinn, Outer Wilds, Subnautica are pushing the boundaries of not just what games can do, but fiction in general.