It also helps that the toolchains are far superior to what we used to have .. I never would have thought, in my youth, that I'd be writing C code for the Oric-1, but indeed the OSDK has a C compiler that makes the effort of packing code into 48k a lot more fun than it used to be!
But in the end, you don't write software for these old machines unless you have a lot of passion, and that's what counts, I think. There is a lot of passion for the Oric-1 these days, that is for sure .. at least in the small scene that keeps the machines alive.
I'm not sure I agree about toolchains, though. The 6502 is not a very good target for C compilation, pretty much any assembly programmer can code circles around what cc65 produces. So, no offense to you or anyone else that writes C for 8-bit machines, but I don't think any of the new games and programs that really "push the limits" of these machines are written in C. So that leaves modern cross assemblers, which are indeed much more capable than common target/native assemblers of the olden days, but don't exactly afford a quantum leap of productivity either.
Then again, modern emulators are a godsend for debugging.