Makes you wonder. Has technology really moved on with headphones since the eighties.
I'd say yes, but with lots of caveats and nuance. The breakthrough dynamic driver technology of the late 70's/early 80's was the thin plastic films used on the drivers; compared to the old paper drivers, they're nothing alike. But there hasn't been a new material thats come along thats been substantially lighter to replace that yet, or at least not suited for this purpose, or at least not a material thats affordable for the masses. I was born in the 80's and grew up listening to a very basic (and super uncomfortable) set of paper driver headphones with a stereo receiver, and that would've been the norm for many people at the time (for at-home listening at least, I guess there were cheaper earbuds for walkmans etc). I can't imagine it being super common to see an HD540 in someones home back then!
The 6XX is a variation-on-a-theme of the HD580, which was first released in 1993. Proof that things haven't moved on a great deal, yes... but then, you could also argue that at a price point, its certainly a design thats proven to be successful. That its managed to survive this long, could be for a good reason.
There are other driver types of course, though even most of these designs first appeared at least in the 60's and 70's. But electrostatic and ribbon driver headphones require very specific amplification, and its always been prohibitively expensive for most people. And though I've yet to try one, everything I've read about planar magnetic drivers seems to imply that their strengths and weaknesses pretty much boil down to being a tradeoff against the pro's and con's of a traditional dynamic driver, rather than being an outright "better" technology.
So, until some new revolutionary thing happens, you're kind of stuck tinkering around the edges trying to find small ways to eke out more efficiency in existing designs. Cost and physics being limiting factors.
But it'd also be unfair to say that nothing has gotten better at all since the 80's. If you were to try something that was actually designed from the ground up since the mid-2000's, or especially mid-teens onwards, you'd probably be pleasantly surprised... *budget depending*.
The biggest real caveat that occurs to me, is that lots of other things have happened since the 80's. Dac and amplifier designs, internal component quality, domestic mains noise, cables and plugs... your HD540 is capable of sounding better with todays equipment than it was when it first appeared, which means its a gift that can keep on giving. (The vintage gear lovers will be coming for my blood, so I'll just add that yes, some older equipment can sound nice, but you still get what I mean).
Bang for buck though, HD540 is a good gateway drug. For some, its the holy grail. For me, it was an important step on a path not yet ended.