Back then we had industry research labs. There was Bell Labs, the Frythe, DuPont Experimental Station, BASF's Zentralforschung, and nowadays we have the 737-MAX.
https://cra.org/cra-wp/research-labs/
Just because Boeing sucks these days doesn't mean there isn't good research happening in industry.
Sure, they wanted to produce things that Ma Bell could monetize—but it was abundantly clear that they were not being micromanaged to that effect. Today, at least from the outside, it seems like any industry-funded research is cut off the moment it looks like it's not going to produce a clearly-profitable product or service within the next few years.