That speaks more to the folks that you have seen diving than it does to reality. In the old days almost every diver was ended OOA, with with a CESA, a gentle, controlled, slow ascent to the surface...
For the benefit of others reading this, a little perspective is in order: The use of SPGs werent wide-spread until the mid-1960s to the early-1970s. There were marginally effective reserve or J-valves, but were in the minority and all but the inexperienced and ill-trained actually depended on them. A fully-instrumented diver had a depth gauge, compass, and a watch.
There are at least two reasonable questions from the perspective of recently trained divers:
How come you old farts arent all dead? and How did you make it to the surface alive?.
Heres how it works. Somewhere around 300-400 PSI the unbalanced regulators of the day began to develop noticeably increased inhalation resistance. It you had a reserve, you would pull the lever, all too often to find it down already especially if you were a California kelp diver and still had a pull-rod on it. No problem, dive over, time to surface. I dont ever remember surfacing under distress or concern over not making it, even from 120'. Obviously, we planned for decompression dives much more aggressively. Thus Thals comment about all dives ending with a CESA. Perhaps it will also help to understand why we were never indoctrinated into thinking that the procedure is deadly.
This technique is riskier with todays high-performance balanced regulators because your first sense of low supply pressure is pretty close to the IP (Intermediate Pressure), usually around 135 PSI. As a result, the 20-60 breaths on unbalanced regulators are closer to 2-4.
In light of that, every diver should intentionally experience running out of air under controlled conditions. That can start with breathing down whats left after a dive while sitting on the beach. At that point, repeat in a swimming pool shallow enough to stand up. Just remember that what is left at depth can be even less. Your familiarity with the sensation can be the difference between a comfortable CESA and one that is somewhere between really scary and unsuccessful.