True enough. Epic failure does tend to just fade back into nothingness when everybody forgets it. And then there is stuff that is just so bad that you can never erase the memory of watching it for the rest of your life (Fuck you, Violence Jack.)
I might also add that there was also no internet back then either, therefore even the stuff worth watching was rarely available outside of Japan. As far as buying and watching anime, we are far more privileged than we ever were ten years ago.