The last line from the article: "We must not forget that 20 years ago only a fraction of the performance of current hardware resources was available, and despite these restrictions, performance database-based applications were developed."
I think you have a mental model in which these people are spending weeks and months optimizing a system they should just upgrade while the real tasks languish, but in my experience, probably all they are doing is just paying a bit of attention every so often and simply doing things that don't require 32 cores and terabytes of RAM. A lot of things don't need that power.
20 years ago you had a lot more real variance in power. If your 100MHz server couldn't handle it, maybe your 400MHz server could, and the gap between those two systems is probably even bigger than the numbers imply because that 400MHz was probably equipped with better everything else (RAM, disk, cache, better performance/cycle for the CPU) to go with it. Nowadays, with CPU speeds having stalled, it's easy to go wide and service lots of diverse queries at a time, but if you have a particular query that your lowest-end DB node is struggling with, there's a pretty decent chance that just pushing the button to go to a bigger node will have a distinctly sub-linear result on performance improvement. I've certainly seen this from a number of teams in a number of places. You can push a button to get more CPUs but you can't push a button to get much better CPUs. Some better, yes, but not like it used to be.
If you just try a little, modern commodity systems can do a lot. Even with only 4 cores and 4GB. Just try a little. Yes, there are absolutely tasks that that doesn't work with; if you've got 10,000 hours of video to re-encode that system isn't going to cut it. But a lot of developers are really bad at understanding how long things should take and don't realize that the thing that takes two minutes during CI really should take something more like 50ms because https://accidentallyquadratic.tumblr.com/ and somebody really ought to look into that rather than just bump the CI node size again hoping it solves the problem.
(And for Pete's sake, when bumping the instance size does happen to not solve the problem... turn it back down again! Despite what I just wrote I do understand there's a time and a place to spray money at the problem, but when spraying money at the problem doesn't even help, STOP.)