> Surely our camera gear is exponentially better now

They are better, but not exponentially. You can't beat physics, film cameras can still compete in terms of dynamic range and resolution, the optical elements haven't changed that much. The 1972 photo was taken on medium format film, which is twice the size of the sensor area in the modern one, which means more photons and less noise. The recent image was take at a really high ISO, which adds to the noisiness.