The population of the US had tripled from 100 years ago. There were no black players in 1920 neither was there a huge influx of foreign players from Korea, Japan, Cuba, Mexico, Venezuela, Curaçao, Puerto Rico, and the Dominican Republic.
Yet the percentage of players now compared to the percentage of players in 1920 who will make the hall of fame is half what it was then.
I think it’s pretty clear when you look at the numbers that the Hall of Fame is way more selective now than in the past.