Another factor is the psychology of ageing. We older chaps believe everything was better in the past.
Of course the world was a much sweeter place in our youth because we were young. Life was full of opportunities, we were fit and healthy and enjoying interesting work experiences. We were innovators at an exciting time, sweeping legions of old farts out of the way, and making the world a better place.
Now I'm a wobbly pensioner. My ability to influence events is much reduced and people keep changing things I used to understand. Keeping up is scary and it's a comfort to retreat back to the "Good Old Days". My mum can't cope with Internet banking or online shopping, and she's convinced that the old fashioned British High Street provided a much better service. (They didn't.) I'm looking at technologies like Social Media that I've no interest in engaging with. I too am being left behind and I don't like it.
Somehow as we age, we rose-tint the past as well. We forget queues, SAE's, 'can't get the parts guv', health hazards, unreliable cars, strikes, failing industries, inflation, the cheap rubbish we bought, dirt, pollution, poverty and above all the high cost of products compared with our incomes.
Back to HSS. In truth, the quality of steel has ALWAYS been variable. If you read late 19th Century copies of Engineer you will find many complaints about steels: 'the plates shattered like glass' etc.
Bob may have a good point though. HSS isn't one unique type of steel. Rather the description covers a number of different alloys containing high proportions of expensive metals like Chromium, Tungsten and Cobalt.
Depending on the alloy, some HSS is harder than others, and some types resist heat better. As Jason says cost matters: hobbyists tend to buy at the cheap end of the market because the best tools are expensive. It's also possible that high-end HSS lathe tooling is harder to find today because industry don't use it much. Carbide inserts out-perform HSS in most industrial applications and are cheaper to boot.
Life is much more complicated than "everything was better in the past", or "brand-name 'x' guarantees quality", or "British-made was always high quality", or "Chinese-made is always rubbish."
Dave