They were not more meaningful in 1e and 2e.
As noted above, higher or lower ability scores gave you lower bonuses overall, and were only really meaningful at the top and bottom ends. The ability score modifications for most races would likely not register as significant for the purposes of calculating modifiers. Second, ability scores were much less important to the game overall; two of the most common rolls, attacks and saving throws, got better primarily via your class and were not linked to ability scores in general. Very particular skills, like opening stuck doors, got better with higher ability scores, but in many cases that wasn't so dramatic either (an 18 Str gives you a 16% to bend bars/lift gates). For races, meaningful differences came from ability caps, level restrictions, and class restrictions.
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In 3e and 5e (haven't played 4e) an ability score bonus (from any source) is more impactful because the bonus was not tied to a bell curve, meaning that any +2 bonus gives you a flat +5% chance. This is especially true with bounded accuracy, which is why abilities are capped at 20. Further, everything is tied to ability scores, including attacks, saves, initiative, armor class, hit points. If you really wanted to make a race more distinctive over the length of the game, a better way would probably be to raise the cap on their signature ability stat.
*edit: sorry, missed that you were discussing magic items in particular, although the point about stats being less impactful stands