I also remember these days as the days where we had to be very, very nice to other people and play by their rules (universities, free hosters, ...) in order to get something published online. Domain names were expensive. $5 cloud hosting? I don't think so.
I mean, I get what you mean - but I simply cannot agree.
Edit: Regarding availability of webspace, back then some for personal use usually came with an e-mail account for free (but you usually had to pay for this e-mail account, as free e-mail wasn't yet normal.) And, you could find full-fledged dedicated web-space for about $5/month. (Personally, I have been working for/with ISPs since 1996 and am hosting a personal website since 1999, before this using free webspace, which was provided either by the university or the employer.)
Edit #2: Who remembers tilde-addresses (www.domain.com/~<account>/)? – These were usually free webspace.
I strongly disagree that it's a special case, and I strongly disagree that there are only few websites left that feel like part of a bigger something. I think you are romanticizing the past (as most people do with most things they remember from their youth - remember when kids' TV shows were actually good?).