My experience goes back to the 50's, and I can only cite several individual cars that I had experience with. I had a college roommate in 1955 that had a well used 1950 Ford V-8 with the flathead. It had over 100,000 miles on it, and it still ran well and was obviously not worn out. Another roommate that same year had a 1951 Olds 98, which his father had put a lot of miles on as a traveling man. When it was about to turn over 100,000 miles, we took it out on the highway and watched it turn over as we were doing 100 mph.
I, personally, had a 1954 Ford V-8, the first year of the overhead valve Ford V-8. They had had some initial problems with the valvetrain that year, this had been solved when my Dad bought mine in August of 1954. I used this auto during a couple years of college and 3 years in the Army. By 1959, it had right at 140,000 miles on it, primarily highway miles. It had the 3-speed manual with overdrive transmission. Anyway, those overhead valves, which had solid lifters, not hydraulic, never did need adjusting in 140,000 miles. It did not smoke, or give any other indication of being worn out. I still was using the straight 20 weight oil of that era; It was the practice back then to change over to straight 30 weight when an engine began to consume oil, but mine never did. I do not know how long this engine lasted. I replaced this car as soon as I got out of the Army in 1959.
The only car I ever had to have a valve job done on was a 1967 Volkswagen bug that I bought used as a second car in 1972. I got the valve job at the local VW dealer, and the bill came to $190 for a valve job, new clutch, and oil change.
In the 70's, I began to use Mobil 1 oil, as soon as it came out. I believed their claims, and changed it once a year, usually 18,000 to 20,000 miles. I watched my oil level and kept it topped off, and never had an engine problem until I retired back in 2001 and began to use conventional oil as I was only driving about 6000 miles a year, not enough to justify the use of synthetic.
I do not recollect seeing many cars blowing blue smoke, outside of old beat-up junkers, and Chevrolet Vegas.