Higher quality materials, Durability,Accuracy, Better design, Heat treatment, Grinding, Testing, Quality control, Etc, Etc.
And mass, Despite what you've read, Is very important. Have a look at any industrial lathe from the 1850's and look at the tailstock. OK, Now do the same for any industrial lathe from the 1940's to today. Notice anything? Monarch EE lathes don't weigh well in excess of 3,000 pounds for no reason. Our engineering designs and understanding, And materials have become a bit better. So we've been able to reduce a bit of the weight. But all metals are still flexable. You need to build heavy enough to resist the turning and cutting forces. Physics 101, For every action there's an equal and opposite action.
Pete