You are describing the now uncommon separate spindle, cup-and-cone bearing bottom brackets. Yes, good ones like Shimano, Campy and the better Suguino models could indeed last nearly indefinitely if (big IF) properly maintained and adjusted. The problem, was they required routine maintenance, an involved tool kit and were a bit finicky to adjust correctly. Most died from neglect.
The vast majority of surviving and currently available square taper bottom brackets are cartridge units which are pretty much install-and-forget until worn out. The good ones have an excellent reputation for durability but aren't repairable with the exception of Phil Wood ($$$$) bbs.
The first non-square taper bottom brackets to see common use were the Shimano Octalink (Hollowtech I) and ISIS hollow spindle, splined interface cartridges. They were both lighter and stiffer than square taper designs. Both got a poor reputation for durability due to the smaller bearings needed to allow the larger spindle diameter. Most of the ISIS units deserved it but the HT I cartridges did not.
The answer to small bearings was the external bearing bottom brackets like HTII and its competitors. These were even lighter and stiffer but caused concerns that the bearings were more exposed to the elements. They also made more demands on bottom bracket shell alignment. These bottom brackets have pretty much proven them selves over the years and complaint about premature failure are no longer common.