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https://en.wikipedia.org/wiki/Collapse_of_the_Atlantic_north...

It was named Cape Cod for the plentiful fish back in the day.

What matters is the total amount of fish caught, along with bycatch and other damage from lost fishing great (ghost nets). The size of the vessels doing the catching is irrelevant. Fisheries should be managed based on quotas and allowed fishing techniques rather than boat size. Larger vessels also tend to be safer for the crews.

Did the NE manage to address the fleet efficiency problem?

Not sure what you are asking, but yes, many people upgraded their fleets due to the no/low interest loans provided in the 70s/80s. I do not know the state of the fleet now. But catches are very low compared to back then.