I definitely agree with you on this. The problem being that if you developed a site, no matter how great the content is, you simply can not compete under the current model.
Case in point: In one of my niches, I have a site that is 13 years old and is seen as the ultimate authority in the niche. I have since developed 2 other sites in the niche that honestly better in all aspects. Were talking college athlete (authority site) compared Olympic gold medalist (My latest 2 sites) My authority site is on Page 1 for everything. My 2 other sites are stuck on page 2-3 for everything.
I have since brought my authority site up to par with the others; but G makes it a serious inequity under the current guidelines.
If they really wanted to get it right, they would hire experts in the key fields to panel the results. Algorithms simply can't cut it.