A lot of it may be nostalgia. But, as a 24 year old, I totally understand what you mean. My understanding is that low-key road races WERE much more competitive back in the day, without all of the pomp and circumstance that surround so many big races now.
For example, I ran in an RRCA sponsored state-wide 10-miler for all of the area's club teams back in February. Around 20 guys ran sub-55, with more than 50 going sub-60. It's worth noting that it was pouring rain, 40 degrees, and a hilly course with over 600 feet of elevation gain.
But there was zero ceremony around the race. It was just a bunch of guys milling about in a gym before and after the race. We all somehow meandered out to the starting line 10 minutes before the race started, and as an air horn sounded, we took off from a community college parking lot.
After the race, I felt like I was transported back to the 70's or 80's. The whole low-key atmosphere, everyone sporting some club's singlet, and all of the fast times. No DJ, no MC, no beer tent, no spectacle. After the race I got a banana, a bagel, and of all things, a pair of rough gardening gloves. It was just amazing that so many fast people showed up for a race on a hard course in rough conditions. I felt like I was taken back in time.