Steel has it's place.
First steel bike where fine.
Then Aluminium gained favour because it was light and fat tubes looked cool.
But it was harsh to ride, so they invent suspension this that and the other which adds lots of wait when built properly, unless you pay lots of money. So now the aluminium bikes are heavier, so you go after a material that means you do not need suspension just to ride down the road or over a buzzing trail. So back to 'Steel' as it's cheap and easy to play with. Titanium would do but it's too expensive for an every day material.
Carbon is also good but difficult to implement for an every day bike.
Personally I think a lot of modern bike are good for trick rising and down hill when you want to race or not break your bike.
But you loose the fun factor where you can take a shorter ride and still feel knackered and shit scared. So hence we are here at RetroBike