Barring some more obscure source books, 5e is the first Edition that had a common spell listed in the PHB to specifically counter other spells as they are cast. Previous editions had various methods of counter another caster's spells: usually just casting dispel magic, or the reverse of a particular spell (Stone to Flesh to counter Flesh to Stone, Enlarge to counter Reduce, Shield to counter Magic Missile). There were some ways to counter an opposing spell as it is cast, but that usually involved readying an action to cast Dispel Magic or the specific spell that counters the one being cast, so it was rarely used due to the likelihood of losing a turn.
IMHO, these methods were fine, even if rarely used.