This isn't exactly a fair comparison. When Windows 3.1 was released, that machine would have seemed like an absolute monster. (Remember when Moore's Law actually got us speed improvements, not just more cores?)
Regardless, to answer "what happened?", people started demanding more from apps (dark mode, UI parity with web editions, rapid prototyping, simple development, cross-platform) and it became cheaper to use Electron (or Qt, or WinForms) than simple win32 calls.
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