> I don't think Windows 95 looks that good (compared to today).
Not doubt about it, the Windows 95 UI was never pretty, but I also don't believe that's why people like it... well, hate it less perhaps.
As someone how got started with Windows 95, looking back at my options over the past 25 years, functionally Windows 95 was less terrible than some of the current options. Sure, macOS is pretty (and I do prefer that UI), but the Windows 95 UI was simpler, it had to be.
Part of the issue, as I see it, is that we added more and more stuff to desktops as years has past us by, but how many of those features do I really use? There's absolutely nothing that I do my laptop today, that I couldn't do using a Windows 95 UI. On top of being much simpler, the Windows 95 UI is also consistent, much more so than any current alternatives.
Finally, Windows 95 has useful hints all over, allowing you to actually learn how to effectively use the UI. Microsoft had to add these hints, because when it was release no one knew who to use their new interface. It's very clear that talented UX people where involved, most likely the last project ever to care about good UX, everything is downhill from 95.
Bundle all that together, simplicity, ease of use and consistency, that's why people still care about the Windows 95 UI. It's not pretty, it was never pretty, but it is incredibly well designed, it has just taken some of us 20 year to come to that realization.