There are still lots of cheap food options in Vegas. You still find steak and seafood specials all over the place. You just largely won't find them directly on the main strip. You can even find, for example, a high end steak for about $40 USD at the Circus Circus Steakhouse. There's also plenty of off strip Mexican restaurants that are top notch.
Will you find a place that cheap and has a celebrity chef's name on it right on the strip...probably not.
There's also a lot of romanticizing about the way things used to be. The standards for food especially about pre 2010 were just really bad. Lots of restaurants would have been serving you pre-made frozen patty burgers that nobody would eat anymore.
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