You make it sound like a bad thing.
The web is a lot of things for a lot of different use cases. There may be a use case for stuffing all JS into javascript, and base64 encoding all images inline, and maybe even for cramming web fonts into a page via JS, if that's possible. But that's not "the modern web." That's just hype.
The modern web is the right tools and strategies for the job.
Many of my sites are focused to low-education, low-ability, and marginalized people. That means accessibility, semantic coding, standards compliance, and clarity are paramount.
The "model breaks down" only when you're not organized, or fail to document properly.
Your sites may be games or whiz-bang SPA's, and JS is good at those things, and maybe shoveling everything into JS works for you.
But to say that "the only way" to do anything on the web is the height of hubris, and closed-mindedness. How will you know when the next great thing comes along, if you've already committed yourself to an "only way?"