When you machine steel, the tool needs to be harder than the part you are working with. The tools then become more expensive and each operation takes longer to perform, both increases production cost.
The steel parts in a movement most subject to wear (due to friction) are the pivots.
If you try to do something with a balance staff from an old American pocket watch, you will probably not have a tool hard enough to engage it.
If you work on a European movement from pre 1975 your tool will bite, but it will take time.
If you do something on a pivot in today’s movement it’s like cutting butter (well, I am exaggerating a bit, but you understand what I mean).
The harder steel in combination with better polish and functional finishes makes any movement from pre 1975 better than any movement made today - of course with several exceptions.
Yes, I have gone some rounds with people from several manufacturers about this and they are not too happy about my little crusade for harder steel, but none have so far come up with anything that proves me wrong.