Forme the rot really set in when gurgle decided to prioritise new stuff over good stuff (i.e.page rank)
Page rank isn’t the name for some new “prioritize new stuff” approach. Page rank is simply the score assigned to a page by the algorithm, and Google has always called it that. How it gets calculated has changed over the years, and the exact algorithm is kept secret to thwart SEO assholes.
I appreciate that.
Originally pages' contents were ranked, a big advance over Yahoo's directory. Nowadays pages' metadata is ranked, along with other crap we aren't interested in.
Google’s algorithm has never been that simple.
The thing that made Google special when it launched was that it looked at how many other pages linked to the page, under the assumption that a page that is often linked to is more reputable than one rarely linked to.
It’d be absolutely wrong to say that content isn’t considered now; it’s still obviously one of the key things. Many pages do not have metadata sufficient to index them usefully.
While the algorithm is secret, many aspects are known. Content matters. Proper server configuration matters. Page age matters. The reputation of the website as a whole matters. Advertising dollars matter. (Sadly.) And of course, in addition to evaluating aspects that increase a page’s Page Rank, there are aspects that decrease it, or get it thrown out entirely as junk. I’m guessing some of that is the “crap we aren’t interested in” that you speak of, but it isn’t useless, as knowing what to downrank is just as important as knowing what to uprank.