I held a 30 person NYE party in the house I just purchased, that's 9 years in a row I've been holding this party. We dance, sing karaoke, drink champagne, and catch each other up on our otherwise busy and turbulent lives. Mostly friends from high school, some from university, and others still we've met afterwards. It's a wonderful atmosphere, partially because nearly everyone there has known each other for years now.
When I throw parties, it's for people I love and care about. I wouldn't go through all the time and stress and effort for acquaintances or coworkers; the reason my friends and I get together so frequently is because there's nothing else we enjoy more, so we prioritize it.
COVID isn't the problem and neither is getting older. My parents are in their 60s and still throw classy, drunken, hilarious parties with their decade long friends. The problem, I'm afraid, probably lies with your third point.