You could accomplish the look by putting taller tires on the back and lowering the front. But the reason no one does it anymore is that handling is better with a lower center of gravity... and that many like the slammed look as opposed to the 4WD look.
I don't know if I would call it a 4WD look to have the rear a bit raised, in not thinking 4 or 5 inches. Back in the 70's and 80's the handling had to be negatively impacted as well, but everyone did it anyway. I think Choppertwo nailed, times have changed, what was popular then is just not popular now. Thanks for the suggestions and input.