Are we just now discovering how wasteful our use of technology has been for like the past 30 years?
Now sure you can't compare a simple calculator that is just a calculator, has basic LCD with no backlight and no colors, with something that now has the power of a small computer and screens with better resolution than your typical workstation of early 2000's.

But do we need that as a calculator? In most cases, not.
But that's the same global trend for everything, especially in computing. We could have modern computers with 1/10 of the consumption and 1/10 of the RAM, storage space, etc and still pretty much have the same functionality for basic uses like browsing, email, writing documents, etc. Without even loss of functionality or ease of use. We all know that we've been wasting computing resources.
And yes, a very-low-power device with basic components, basic functionality and decent build quality will outlive any modern device. Complexity and cost reduction in production does not help.
So while a 40-year old calculator is likely to still work fine today, good luck with a recent device in 40 years. That's probably going to be a different story.
But we still make these low-power and simple devices. Maybe not with the same quality though. You can find a recent basic calculator which will pretty much draw as little power as this Casio.
Same for watches. There are still regular watches that can run years on the same coin cell. Not going to happen with a "smart watch" which is a tablet in disguise.