I haven't really kept up to date in this area so would love to hear some experts weigh in here: Do search engines (or really just Google) still penalize sites that are pure SPAs on that fact alone?

Or does it have more do do with properties generally associated with SPAs like large bundle sizes or slow time to first interaction?

I'm mainly wondering if you can build a SEO-friendly SPA marketing page today using techniques like dynamic imports and code splitting to lazy load just the scripts and content needed for the initial render instead of going all the way to static generation or server side rendering.