The cheap bikes are much cheaper today (in terms of build quality, though there are some that are, inflation-adjusted, lower priced than the cheapest bikes when I was a kid).
I mostly had cheap bikes as a kid, and they held up really well. The quality was lower than that of a "good" bike, but not remarkably so. My first two bikes, a Huffy (from K Mart) and a Ross Piranha (from Toys R Us) had Chromoly frames and forks, and held up to years of intense abuse (ramps, dirt jumping, lots of falling and running into things). When I started earning my own money, I bought a General RL Osborne, which was a significant upgrade...but, not orders of magnitude better.
The quality of what is sold at Walmart today, at least in the general case, is really low. I wouldn't trust the linked bike to be safe on day one, much less to hold up to years of service. I tried to fix up a friend's low end Schwinn, that was less than ten years old, but it would have been cheaper to buy an all new bike than to fix everything that was wrong with it (shifters didn't work, derailleur was broken, brakes were soggy and couldn't be adjusted to work well, the fork had shocks and would bottom out when applying brakes even lightly). The frame was definitely not chromoly (might have been aluminum, as it was pretty light weight, but could have been thin steel, too I guess). On the other hand, I have a mid-range Giant mountain bike that I bought in 1994 for about $480 that has often been my primary mode of transportation. It's needed new shifters one time, a couple of new cassettes, one new set of brake and shift cables, a new seat, one new rim (I ran into a fire hydrant at a pretty decent clip), and tubes and tires. It's taken a beating over the years.
I dunno what I'm trying to say, exactly, but I think the overall quality of bike-to-dollar has gone down, especially at the low end of the market. The mid range of the market still seems pretty good, when inflation adjusted, though I will note that finding an all chromoly frame and fork (or other high quality material) bike is much harder than it used to be, and it is impossible in the low end, where it used to be very easy.