Important to note I still have, if I'm lucky, 35 years or more until retirement. I'm betting the value factor premium will re-emerge at some point during that time. As I get closer to retirement I'll rotate into more broadly diversified/conservative stocks, but I see little point in holding bond funds in a portfolio for my situation.
That's not to say I won't own bonds outright when it makes sense. A good chunk of my security fund is in T-Bills and I-Bonds. But I can say from having lived through market downturns that I don't panic-sell, so the "portfolio stability" argument for bonds is largely wasted on me. In retirement I plan to keep a multi-year cushion in a Federal Asset Money Market account (to avoid state/local taxes) and the rest 100% stocks to maximize total long-term returns.
I'm a recipient of modest generational inheritance myself, my grandparents were dirt poor, my parents made it to upper middle class. It's part of my job to keep the generational snowball rolling for my kids and (hopefully) future grandkids. Particularly if wealth inequality isn't going to get any better.