Woolf was born rich and married rich, started a publishing house with her author husband to publish their work, and was also central to the Bloomsbury Set who promoted the books.
I'm not sure what the modern equivalent would be, but clearly doing the usual round of agents etc wouldn't be it.
Joyce got almost nowhere until he was promoted by Ezra Pound, who was a Significant Figure on the literary scene.
I don't know about Faulkner, but Dostoevsky also came from a scene and - after some really bad times - made an impression when Crime and Punishment was serialised in a magazine.
So I don't think the MFA issue is the problem. The issue is more that literary scenes don't really exist any more, in the sense of groups of people who all know each other and have common values.
The 2022 publisher pipeline is very much just a content creation business with no higher aspirations. The gatekeeping steps - MFAs included - mostly exist to extract cash from the hopeful, not to curate quality.