That is something to ponder and I too have an older Kohler K241 cast iron engine on my Lincoln welder that has no oil filter and many running hours as well. I personally think the older motors were built stronger and better and overbuilt means no need for oil filters. Not all OHV or OHC small engines have oil pumps either. Honda GC motors have no oil pump, neither to the Predator (Lifan) OHV small motors. I don't believe any of them are built to last years like the older engines were.
I sure like the sound of a Kohler K Series motor idling. Something sweet about that sound of the balancer shaft spinning inside the case that is music to my ears. That and the big bore carb sucking in air.
IT is a product capitalist free market system.
Because the buying public are ignorant & cheap in place of being well informed & educated just about the sole selling criteria is price.
So every year most products get cheaper.
The "Magic Pudding" is a children's story so you can not have products dropping in price like a stone while inflation is decreasing the buying power of your dollars and quality improving.
Higher levels of technology means that design engineers can make products that are just good enough to do the job , no more.
Things that allow engines to virtually run forever like roller & ball bearings or replaceable bushes cost a lot of money so if the market is too cheap to pay for them then any company that insists of building a top quality product will go broke.
If you look at the history of small engines, that is exactly what happens. The companies that went to the wall first were the ones that made top quality products while the companies that made the cheapest product thrived.
Tecumseh is a perfect example, the worst built cheapest piece of gear it was possible to sell so they sold in the billions, till some one ( Chinese companies ) hit the market with a cheaper engine.
And yes, older engines were over engineered because it was cheaper to do that than to make 2000 variations and test them to destruction.
Now we have computer modeling so I can make virtual rockers thinner & thinner till they fail in the virtual engine before I commit a design to metal.
Twenty years ago you needed 2 strong men to pull that engine off your welder. now days you can lift off an equivalent Hp engine with what's in your undies.
The modern engine also use less fuel per Hp and put out cleaner exhausts.
As a person who studied an engineering science and an enviromentally concerned human I would be over the moon if the moron masses started purchasing based on quality & longevity, rather than lazyness, sex appeal & price.
Europe has already started on this path but if any USA government put a reverse sales tax on products starting at 100% of the purchase price and decreasing 5 % for every year of service life then all of you 2nd amendment gun toters would be out in the streets & cemataries would be full of dead politicans.
However that is just about the only way you can force the market to behave in a rational mannar.