I don't know, that era also had a strong emphasis on rules which is where the fairness comes from. For players who enjoy challenges, a DM who plays to win, but plays fair and by the rules can be fun.
I like to play CRPGs on "story mode", my son tends to play at the hardest challenge level. Neither preference is better, though it makes it almost impossible to enjoy playing multiplayer CRPGs together.
Currently I'm running a campaign where I ham up the adversarial DM role, including posting an obituary list on the wall of my game room. I play combat encounters like the NPCs want to win. Players know I'll kill their PCs and gloat about it. Now that's mitigated by adherence to rules and the fact that a group of 4-6 veteran players have a huge advantage over a DM when you adhere to rules.
My favorite live game podcast is the Glass Canon Podcast and the DM hams up the adversarial DM schtick and it works well.
I wouldn't run a game like this with a group of strangers or new players, but when done with players who are in on it, and when done in a spirit of everyone having fun, an adversarial approach can be fun.