I don't get why it is believed that trees can't pump water above a certain limit, all it should take is a system of valves, something that plants already have for other purposes. It certainly isn't lumuted by trees literally sucking water up as that would limit them to a height that can be easily exceeded by the majority of trees.
It seems that trees just don't grow that tall anymore. Even common trees such as the spruce seem to be able to reach 100m, they just kind of don't.
One possibility is the depletion of nutrients. But what I think is to blame is the lack of elephants. They constantly ruined young trees and the lucky few that survived then grew huge. Perhaps the redwoods were actually created by the natives, who removed young trees, and kept the old trees standing.