By the time I entered the workforce in 1999, this sort of thing was on the wane, although it varied enormously by industry and company. I think the change happened because of the increasing computerisation of jobs (where you could do more damage with the tap of a finger), in addition to women joining the workforce in more senior positions. And probably longer commutes, tougher drink-driving laws, and more formalised HR policies.
A small part of me is nostalgic for it, but it was obviously ridiculously unhealthy. That said, a lot of work was actually done in the pub, and it's possible that people found solutions with their social guard down that they wouldn't have found whilst in the office.