They did have ill effects, but history has allowed us to forget many names. How often do people wonder what “might have been” with Mark Fidrych, for example?
Tommy John surgeries are on the rise because the procedure itself isn’t that old. The namesake Tommy John pitched into the 1980’s. And as time has gone on, the procedure itself is getting more common with skilled and experienced doctors and refined procedures. But prior to Tommy John, if you tore that ligament, your career was instantly over.
The rise in popularity of the slider probably helped, too. I also think a lot of younger pitchers throw too hard too fast. You don’t need to throw 95 mph to get high school hitters out, but kids do it because radar gun readings translate directly into scholarships and signing bonuses...