The 1970s were about the worst of that. While cost cutting has continued, engineering is more involved in standards and so the cost cutting is not possible unless engineering determines that the cost cutting doesn't effect something important.
Note that what you think is important to lay people and what engineering thinks is important are very different things. Engineering cares about fire safety, insulation, and your house standing up to wind. Engineering doesn't care if you kick a hole in your walls - that is your own stupid fault (engineering cares that you cannot get pushed through the walls cartoon style, but a small hole is not a problem). Laypeople often reject great engineering because the marketing on bad engineering is better - old houses is one of those cases.
Note that what you think is important to lay people and what engineering thinks is important are very different things. Engineering cares about fire safety, insulation, and your house standing up to wind. Engineering doesn't care if you kick a hole in your walls - that is your own stupid fault (engineering cares that you cannot get pushed through the walls cartoon style, but a small hole is not a problem). Laypeople often reject great engineering because the marketing on bad engineering is better - old houses is one of those cases.