I have things from the 80s that, obviously, have lasted a long time. But I have owned things from that era that have failed and been forgotten about.
Incidentally I bought some boots this year that are expected to last (at a minimum) 10 years, and I suspect they would, but I can't know that until 10 years from now.
Heirloom quality is probably still a thing, but only discoverable when an item actually becomes an heirloom.