Nicklaus may be right when referring to the top 0.5% of players in the world. You may be right referring to the top 0.5% of players here. Not so much the general public.
Even with the advances in technology involving golf clubs and golf balls the average handicap among golfers in the general population has not gone down. They are not any better at getting the ball in the hole. I know from my own life experience that technology has allowed me to retain the distances I hit the ball as a youth much longer. Long term deterioration is being avoided, allowing me to continue enjoying the game as I age. Many of my friends feel the same way.
It's also probably the same with a lot of the occasional recreational players here. Game play doesn't necessarily need to be toned down for the majority of players.