To be honest, I don't think its that people are stupider or anything. Its just that we think about them differently.
Back when Ultima IV was new (some 18 months before I was born) people were still very much in the stage of 'HOLY CRAP ITS A GAME!!!!'. Thats what grabbed the attention, and since games were far less numerous, and particularly there weren't really many RPGs, if you had actually paid out for one, then you sure as hell were going to play it through to the end, no matter how much work that implied.
By the time the novelty wore off, you had a tight grip of the rules and the story. Nowerdays, we've seen amazing graphics, breathtaking stories and so on. Its been said a lot by Yahtzee that if a game doesn't keep hold of your attention, it doesn't matter how good it gets after twenty hours.
If it doesn't grab you and make you want to keep playing its not doing its job. Thats not to say the Ultima IV is bad, its just that it was made for a different time, when people had way lower expectations of video games, no other option other than to keep playing it, and they had never seen the conveniences of pre-drawn maps and immediately available resources, so dealing without them was no big deal. You did what you do in a pen and paper game. You make a note, or draw it out.
Once you've used those resources and are used to having them, going back to a time without them just makes you feel lost and cheated (that feeling of there being no way of knowing what you were supposed to do until afterwards).
Personally, when I have gone back to older games, I have been really unimpressed. Once upon a time, I played RPGs HARD. Shining Force 3 was a game that never left my saturn for maybe 6 months. I didn't just play to the end, I spent weeks getting every characters levels up high and getting their special attacks and gear just perfect. Nowerdays, that kinda grinding really puts me off. I hate it a lot. But when there was no other way to play, you just did it.