It's been a while since they removed it. It's probably because playing rarely-played videos costs more in bandwidth. You can still find them, of course, but it's more work.
The frustrating bit if they get it wrong is YouTube autoplays the next video, which would be going backwards for you.
Huh? Why would that be the case?
Google Cloud charges $0.02 / month for each gigabyte of storage, but if you store it in an infrequently accessed volume you can qualify for special pricing of $0.0012 / GB / month. That's a 177% difference in storage costs for cold storage vs hot storage.
So yeah, it's MUCH cheaper to store it in infrequently accessed volumes. And stopping people from finding the oldest videos allows them to do that.
(Imagine looking through your old vs new social media posts... which would the current-you agree with more?)