We had two-sided printing back in those days and it was still not a good idea to go to two pages.
I was always told it was a rule of thumb to ensure that what mattered got seen in the initial, cursory screening. They're going to spend 30 seconds on the resume and likely won't get to a second page if you have it, so better to just fit what you need to on a single page and scrap anything that's not incredibly persuasive.
Now, today your first hurdle is an automated scanner rather than a 30-second human inspection, which may mean that you need to actually increase the amount of text in order to be able to check all the right boxes. It's the same principle (optimize for making it past the first stage), just with a new first stage.