Todays mainstream ammo wimpy compared to thirty years ago? In general; yes. Liability rather than chronograph error governing the intensity of the product.
One factor is pressure, SAAMI +P rating does not directly indicate higher velocity. Often defensive ammunition is loaded with flash reducing ingredients added to the powder. These additives alter the burn rate of the powder. +P means that the peak pressure of the load is higher (ten percent or less)than the standard for that round. A higher peak pressure may or may not result in higher external velocity for a projectile of given specs. I can probably shred a gun with a load of Bullseye that will not give as high a velocity as a moderate pressure load of W296.
Many variables in testing. Today as well as then.
Chronographs, then as now, are subject to operator error and lack of standardization for each testing session. In the 70s at the start of a test session the chronograph was calibrated with known ammo from a known barrel. Air density and ammunition temperature were taken into consideration. An uncalibrated rig used on a very hot day at 7,000' elevation will record some pretty high velocities. Accurate measuring but not representative of the ammo that is going to be used by buyer at near sea level and 60 degrees f. With all other factors equal, a non-recoiling machine rest will give higher velocities than a recoiling rest, which will in turn give higher velocities than hand held test weapon. Usually.
Actual bore diameter of test rig may be quite different from that of the customer's barrel. We measured the bore diameters of many duty weapons in 9X19, .38spec and .357mag. The variations within a given caliber were greater than the nominal caliber differences. IE..the smallest .357mag barrel was as small as the smallest 9mm. The largest in 9mm and .357mag were also the same. Thus, the chronograph results from gun to gun in the same caliber and barrel length with a given lot of ammunition varied wildly.
Now let's throw in variations in chamber diameter, which affect pressure and in the case of a tight chamber, bullet release force required.
As to the veracity of the velocities given for the S&W ammo of 1973, several other manufacturers in that same time frame listed equal or higher velocities AND specified barrel length of the test gun.
Some of the hotter stuff was labled "High Velocity, Use in Large Frame Revolvers Only". Other brands and loads didn't bother with the warning.
Today Winchester loading data shows a load for the .357mag putting a 125 gr bullet out at 1,800fps with peak pressure nearly 10,000 BELOW normal max. In 1974 they marketed a factory round that approximately matched that load of today without any special labeling.
I regularly shoot a 125gr .38spec load out of a 2.5" bbl 686 that knocks IDPA steels down quite smartly. My first run 36 gets some of that food and seems quite happy.
? Hotter then than now ? In many cases, yes.
Sam