I can't prove it, but I frankly think it's because horses are TOO babied that they break down more now. I'm not sure the breed is truly more fragile than it was. But if you let them "rest" too much, the strain of a race has to be that much more taxing!
How many of us are fool enough to play a league game w/o having at least worked out, and preferably played "real" games that require more than a work-out, and NOT expect to be winded in a short while in the major game? Or injured more easily?