The criteria are that the coverage is “significant” (i.e. more than just a throwaway mention) and made in “reliable sources” that are independent of the subject of the article. This certainly includes peer-reviewed papers. For examples of reliable sources, see https://en.wikipedia.org/wiki/WP:SOURCETYPES
I don’t understand what you are getting at with “... next to historic and outdated 20 yo material...”
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Once notability for the main topic has been established, the criteria for validating specific claims is a bit looser. For example a company’s own website could be used to demonstrate the current version number of a piece of software, a press release (or even a tweet) could be quoted to describe the company’s first-party response to some event, an arxiv preprint from a tenured scientist or mathematician could be used to support some mathematical formula, a blog post by a living person could be used to validate their birthday or the name of their spouse, and the like.
(For example, in 2005 Google made up a brand new prize to award to Ruby on Rails creator David Heinemeier Hansson expressly for the purpose of padding out his O-1 visa application to move to the USA. Does that mean the O-1 visa requirements/criteria are bullshit? Maybe.)
(a) Wikipedia notability guidelines can certainly be gamed to some extent by motivated self-promoters who are willing to jump through hoops to place their pet topics in newspaper articles, research papers, published books, etc.
(b) Sometimes Wikipedia ends up rejecting topics that should be included based on a lack of sufficient third-party write-ups in secondary sources.
But Wikipedia still has to have some kind of guideline to prevent itself from being flooded with self-promotion spam, and the current notability guidelines and reliable source guidelines work better than many suggested alternatives.