I agree that looking back at that statement from modern day is just mind blowing. BUT, I think it is good to remember that (in all honesty)fundamental computing did not advance after the 1970s. PLs, OSs, computer networks, etc., were all invented in the early 1970s or earlier. Most of what has been done in computing in the last several decades have been improved versions of the concepts invented in the 50s and 60s. JGrahamC calls this "Turing's Curse". [0]
Brilliant talk, thanks for linking to it...I love the bit (8:40) where he says, "The thing you are doing has likely been done before. And that might seem depressing, but I think it's the most wonderful thing ever. Because it means an education in computer science is worth something."
[0] https://www.youtube.com/watch?v=hVZxkFAIziA