It's a matter of perspective. Compared to the old linear-with-transformer PSUs, the switchers were ahead in efficiency, not to mention sheer weight. I can recall seeing a pile of 5V 200A SMPSUs for sale at Halted and saying to myself "You've got to be kidding--a 200 amp power supply in that little case?". So perhaps we were blinded.
After all, it wasn't that many years prior that the power supply for much big iron was MG sets providing 400Hz 3-phase power. SMPSU design was a black art, according to comments I remember from Bob Boschert.