Also, in the 70s, you have a bitmap font of max 256 characters of equal size. Nowadays displaying text requires font selection, text shaping (incl. kerning), glyph selection, text layouting (incl. line wrapping), glyph pre-rendering, and a final assembly step to get the composite image of all glyphs.
Want to skip font selection? No emojis for you.
Want to skip glyph selection? No ligatures or Arabic or Devanagari text for you.
Want to skip text layouting? No Right-to-Left support for you.
There is a whole crapton of legitimate complexity in the font rendering stack because we don't want to have the constraints of the 70s anymore (only 256 glyphs, fixed font size, monospace font only).
(Sidenote: For those of you who think "I'm fine with monospace fonts in my terminal", I am using a monospace font as well. But "monospace font" only means that all ASCII glyphs are equal-sized, which is a tiny minority of all glyphs a Unicode font supports. I have grown a very strong opinion regarding this topic since I started to learn Japanese and hence want to be able to deal with CJK characters.)