Yeah, it's also a very old-school approach. Modern games have a lot to answer for in training players to blindly charge in constantly instead of doing anything approaching planning or thinking about the situation or the environment.
The main reason for the new school approach is because it's a simpler game, and a lot of people only have time to play a simpler game.
When I say simpler, I don't mean mechanics. I mean in what you're doing narratively.
In 5R, I'm an Elf Paladin, there's a story goal of some sort (defeat someone, investigate something, expedition somewhere), and I'll either be talking, rolling dice to see what happens, or doing combat.
In OSR games, you have to really seriously plan how you want to navigate the dungeon because most things in there can one-tap you, you have no abilities, you can maybe cast one spell today, and your equipment includes a bag for clothing and a rusty dagger. It's a different kind of critical thing, one geared towards problem-solving using the in-world environment as your tool. It's different then being someone who has the direct capacity to effect the world via their own power, as seen in modern games.
As a professor, I can say that the OSR-style of critical thinking is invaluable, and brings a lot to the experience. But not everyone has the time or energy to devote to that kind of stuff. A lot of people just want to meet up with friends, fight some things, have a few dramatic moments, and call it a night. In that way, being given a character sheet with some powers and enough HP to brute force enemies from time to time is a boon.
It's like this for everything IMO. People who like to really get in-depth with something, be it games or anything else, are always the smaller population. For example, a lot of video games have amazing mods that can change and elevate the experience...but most people don't use mods, because it just takes more effort to figure all that out. Some people prefer simple action movies, and others want slowburn thrillers with lots to think about. Many people enjoy both, but not everyone always has the capacity to sit down and plop on a 3 hour thriller, and are so burntout that they just want to be entertained.
As it goes.