The metal shield over the motherboard, or the metal chassis, solves a lot of ills -- and they need to solve ills much more subtle than signal quality.

If you have 20% of your signal leaking out of a wire, and your source is 5V logic level, then you're leaking 1V, and receiving a 4V step. You still get valid CMOS logic thresholds (which is >= 3.5V logic-high). Digital signal quality is not usually a very difficult thing. As long as you avoid gross mismatch, you have some wiggle room where you don't have to worry about it.
Radio frequency emissions are a much more tricky thing. Levels need to be in the millivolt range, in terms of voltage measured by an antenna, or conducted along the power or data cables of the equipment. Starting from 5V signal levels, you need on the order of 80dB isolation to free space. A naked motherboard, no shielding, no ground plane -- it will blot out nearby radios!
That the processes were primitive, is really working in your favor -- if it were built with 74HC CMOS logic instead, the edges would be about twice as fast, meaning the critical wiring length is half, and the potential for radiating interference is also doubled!
When you get into 74AC, 74LVC, logic families like that... waveforms get pretty sharp, and just routing within a small PCB needs to be done carefully!
There were still places where termination was necessary, even in the early 80s. The ST-506 hard disk interface contains TTL level control signals (point-to-point routed, and terminated at the end), and RS-422 (differential, point-to-point, load terminated) data signals (basically, the raw data from the disk heads, coming from a detector amplifier).
One or two drives could be connected to a single drive controller. The control signals used a ribbon cable with a middle and two end connectors; if you used one drive, you connected it to the end of the cable, leaving the middle connector unused. If you used two, you connected middle and end to each drive. There was also a socket on the drive, near the connector, for a resistor network, which terminated the cable. This was installed in whichever drive was at the end of the cable. The data cables were point-to-point, so the controller card had two connectors, one for each ribbon cable. But they were able to economize on the control cable, using one for a pair of drives.
Tim