Whether you like it or not, D&D has expanded beyond the 1e wizard. We've seen armored mages, wizards who don't need somatic components, and casters who don't automatically lose their spell when damaged. The genie is out of the bottle so to speak, and to put him back would alienate many.
Yes it has, but it has done so because of "inferior game design".
1E and 2E Wizards had balancing factors like those mentioned above.
3E Wizards replaced those balancing factors with ones like 5 dice max for certain spell levels. Although that is balance in one sense of the meaning, it didn't prevent higher level 3E Wizards from becoming mini-gods at the expense of many of the other classes.
4E came along and said "Opps. Wizards and Codzillas are too strong, we'll make all classes the same balance across all levels". A balancing adjustment to be sure, but one that rips the heart out of what a Wizard meant for D&D. Regardless of the propaganda that people have bought into from the 4E designers and their own experiences with 3E, Wizards are SUPPOSED to be these mega-powerful guys that change the course of battle. But, they are supposed to have some very serious disadvantages as well to balance that.
3E took away most of the disadvantages and 4E took away most of the power.
In layman's terms, that's not a D&D Wizard, just like a non-Human non-LG Paladin is not a D&D Paladin.
As an example, my very first blue book PC was a 1st level Wizard. The PCs got ambushed. My Wizard got his Sleep spell off, put the enemies on one side of the group to sleep, and then promptly got shot from behind with an arrow that killed him. Not to say that this extreme of play is fun for anyone, but the concept remains. If the Wizard survived (which was a very big IF back in those early days), he became monumentally helpful to the group as a whole and the player knew going in that his PC was a bit of a glass cannon, so he played the PC judiciously (e.g. hiding in the back, taking defensive spells, etc.).
It was many years before I ever played another class. Even at lower levels, I was able to use my Wizards' spells in unique ways that helped save the day over and over again. You don't really get this in 4E. The Wizard isn't special in any way and neither is magic in 4E. It's like drinking chocolate milk one day, and then drinking mile with just a tiny hint of chocolate in it the next. Bland. Unimaginative.
And what is worse is that if 5E became a rehash of 4E, you would have an entire gaming culture that will grow up on 4E/5E, thinking that they are drinking chocolate milk when they are not.