For this particular form of demo, modern hardware is just too powerful, and the quality of the demo is purely the quality of the assets. So a demo for a modern platform would require the same scale as what big AAA game or movie studios produce. Which is also art, but a different kind.
With limitations, more interesting cleverness, and a scale of project a single person can muster, can thrive instead. So there probably really is something to this particular generation of hardware, the order of thousands of bytes is more "human scale".
With limitations, more interesting cleverness, and a scale of project a single person can muster, can thrive instead. So there probably really is something to this particular generation of hardware, the order of thousands of bytes is more "human scale".