Lenses back in the 1970s are still legendary today for their quality but some that I have experience with were crap compared to lenses of today. For instance, the SMC Takumar 500mm f/4.5 was so expensive it was out of reach of most. But it only had 4 elements and the CA was so bad you could see it in the viewfinder. I also had the SMC Takumar 100mm macro. It was not bad, but my Canon 70-300mm non-L with the 500D closeup lens was sharper.
The improvements in lenses has been slower than in bodies, agreed, but nevertheless has been amazing. The biggest development IMO was multicoating. That allowed assembling very complex lenses with more and more elements. Aspherical elements and elements made of special glasses like fluorite also have made big strides.
Most of my lens collection will be changed out this year, reason enough for me to feel that glass being forever is wrong, certainly for me.