As to why old people, higher skill levels in many cases.
People between 40-60 tend to have things they care about outside of work at higher rates.
Before I started, I was pretty concerned about whether I would be able to do this even. Most of my peers are in their 20s and 30s, though it was surprising to me when I started this program that I am not the oldest candidate and there are a couple of us in the higher age ranges. Anyway, I had wondered if I would be able to keep up with the youngsters. In fact, I don't think it has been an issue at all. I think that I am performing at least at as high of or possibly a higher level today than during my first run at graduate education.
I think there are certain factors that I, as an older, more settled, less let's-start-living-life(!) person have as an advantage over my young peers. Many of them still focus a lot of time on socializing, whereas I have my spouse and kids and old friends whom I don't have to see every weekend (the old friends--I see my spouse and kids every day). My younger colleagues do a lot of dumb things still, ones that I sure did also when I was that age and have gotten out of my system.
I would say that there were certain advantages to doing graduate work when I was young, and certain advantages now. I find it impossible to say which is better, but it is at least no worse now than then.
Increasing age and increasing decline can't mean that age causes decline, it shows one or more of: processes which cause decline keep happening, repair processes either don't happen or get worse, new generation either doesn't happen or gets worse.
(If worms were eating your brain, your brain volume would go down and your intelligence would go down as time passed and your age increased, it wouldn't prove that age caused your intelligence loss. Correlation isn't causation).
Various forms of intelligence by age: https://miro.medium.com/max/1038/1*ccb0bgIqgebwJWTdMGMXXQ.pn...
If this correlation isn't causation, then I'm not sure what is.