I have to agree somewhat with the Harley analogy. But comparing The newer Harley Evolution V-Twin today, to a Pan Head or old Shovel Head, (think Easy Rider), is much like comparing a modern 2017, 5.7 or 6.4 HEMI pushrod V-8, to a old dual quad, 1969, 426 HEMI back in the day. Today's HEMI still runs on the same principal. But is just as or more powerful, with far greater longevity and dependability. Same with the Harley.
It's much the same with older designed guns. Today's modern manufactured 1911's run far more dependably than the older versions. And they're far more accurate. Things like better close tolerance CNC machining to eliminate "tolerance stacking", have improved out of the box 1911 performance and accuracy in leaps and bounds. It has also kept costs down by eliminating a lot of hand work. In the "old days" they increased dependability by simply making them sloppier, to the point they damn near rattled when you shook them.
That said, it's a design that cannot be shortcut or drastically modified without creating issues. I still wouldn't trust a "chopped" 1911 as a self defense weapon. Modern machining and all. These guns are well made. (Enough to make me want to own one). But I still would not trust one enough for self defense carry. As a range toy they're fine. Browning's designs did not fair well to downsizing, or to be changed into something they're not.
The whole thing today is ease and quickness of manufacturing, in order to keep profitability high. That is very hard to do with a 1911. Although outfits like Rock Island Armory have produced some excellent, dependable, low cost 1911's. Polymer guns take over here. Glocks, Springfield XD's, the whole H&K Polymer line, Ruger with their ever changing Polymer handgun lineup, and the S&W M&P have taken profitability to new levels. The stock prices of these companies reflect this. So the bottom line is old school, all machined steel still works. They just usually weigh more, and usually cost more. Because they can't, "Make em' cheap, and Stack em' deep", as they can their plastic molded counterparts.