To supplement your anecdata: having used many an old top loader, they do have different fill levels - varying from "small" filling halfway up the drum to "large" as high as it can go. As an individual, even using the "small" setting uses a huge amount of water - no way to wash a few pairs of socks or whatever other small loads you might have.
I've never had an issue with modern front loaders not getting my clothes wet. They are much better at spinning them dry at the end, though.
Right, and all of those low-efficiency units had to cover the clothes in water because they only agitated horizontally. Whereas my front loader agitates vertically and lifts the clothes in and out of a smaller amount of water.
For some reason, about 15 years ago in the US it was almost impossible to get a top loader washer (out of 30 models on the floor, only a couple "value" models would be top loaders), because of efficiency requirements. Then they started to come out with higher efficiency top loaders, and now you see more top loaders again than front loaders.
I think the big thing that is different in the current top loaders, vs the old ones, are some don't have an agitator -- instead they use a low profile impeller at the bottom to force water vertically. And the ones with an agitator have the impeller shape at the bottom, so there is still vertical water movement.
The front loaders started to go out of style, partly because people complain about an oder build up in them. Not sure what that is about. And worries about the seal in the door leaking (if the float gets stuck and it puts too much water in it -- my brother has that issue periodically).
I would think that a good top-loader design would be something that has a pump at the bottom (under the basket), and circulates water to the top and sprays it down on the clothes. But I haven't seen any like that though.
Now the modern washers don't trust you to make the proper selection, and often don't get your clothes completely wet.