Mike, since you and I both qualify as senior citizens, I'm sure you remember the offensive explosions that the option teams had during the the late 1960's. Eventually, as you mentioned, the defenses caught up with them to a point. The Triple option has certainly stood the test of time. I see today's Zone Read Option as an extension of the Outside Veer that I made a living off of for 15 years.
Football is cyclical. The next "great offense" has a run of a couple of years, and then some smart defensive coordinator comes up with a scheme that works for him, and everybody imitates it.
Currently, it seems that teams are placing all of their best athletes on offense, and the accuracy of many contemporary QBs is astonishing. Maybe because nobody can rush them due to legalized holding as currently permitted. Sooner or later, the rules will be revised to level the field. (I hope, as some of these displays of offense is not good, overall, for the game).
Like the option offenses, these Spread teams are totally capable of beating themselves, and since many aspects of the games trickle down, it's always interesting to see teams that lack the overall talent needed to be successful running these schemes.
Additionally, most High Schools and youth programs cannot devote the amount of time needed to perfect this type of game, due to practice and limited number of players available. For example, we have 2 1/2 hours of practice daily, and almost all of our kids are two way players. Compare that to the colleges with 100+ kids and 20 hours of practice time. Try explaining that to parents!