Well, the thing is, back in the days, not only were the costs more prohibitive, but people usually had something they focused on, a specialty.
If you were a guitar player, there were guitars, amps and cabs and effects. I don't think the average guitarist could discuss the merits of a Fairchild vs a 1176 vs a LA-2A.
Similarly, back then, I could tell my drummer that I preferred his Ludwig Vistalite kit to his Tama, or tell my bass player that his new amp seemed to sound better than the old one - but that's about it. Plastic or felt beater - Say what??? LFOs and VCOs - talk to that geek behind the synth...
These days, even though I'm a guitar player and songwriter first and foremost, I've had to educate myself in an incredible variety of fields - MIDI, synths, drums, bass, sequencing as well as all the wonderful studio gear. On top of the inherent computer maintenance skills I've had to develop.
Plus, w/ the internet, it's hard to be as blissfully ignorant as we once were. Unless you were an avid reader of specialized magazines, you didn't hear about all the cool new gear unless you were directly exposed to it.