I have to wonder how much of that is the more accurate cues, more accurate cloth, lower nap cloth and simply getting used to playing on tighter pockets. I certainly don't know.
With some of the high deflection cues and rugs they used to play with years ago even the slightest accidental English (which even happens to pros often enough to matter) or cue elevation a shot that goes in now could be a miss then due to unwanted deflection or swerve - not to mention the greater adjustments you had to make even when the English was on purpose.
I don't doubt the best players are more accurate now, but I suspect the gap is not as large as it looks. I rarely play now, but when I do, I play on a rug cloth with an old high deflection cue. I miss enough shots that I used to be 98% on in the past to know it's not all decline on my part. Give me a new predator and brand new high quality cloth and my pocketing will go up even if the pockets are tougher than in my peak days.
i think the cues are overhyped. there are still guys playing with old school maple shafts; ko pin yi, ko ping chung, lee van corteza, mickey krause and probably others. not many wants to take on those guys. ko ping chung beat filler to become world 10-ball champion and he beat fedor gorst to become US open champion just two years ago.
i totally understand the practical argument for cf shafts, but don't tell me there's something a cf player can do that ko or corteza can't do.
as for the level rising. it does in every sport. maybe the closest comparison is snooker. today's players are better, and the field is deeper, but their knowledge acquisition has been easier and they are generally in a better situation with sponsors, practice centers, etc than steve davis or alex higgins