That switch lasted 30 years more or less, in conditions far worse than being in a nice warm lab where it was tested. We have no way of knowing how many 'operations' it's done in the past 3 decades,how th ekey was turned, if someone had extra lights(loads) attached to it. A LOT of factors go in to how long a switch lasts. A manufacturer will read the spec sheet from the switch maker,looking at 'number of cycles', voltage and current ratings, weather specs. In 30 years, used once every day equates to over 20,000 cycles. Tear the switch apart and you'll find copper studs, steel spring,grease,plastic,etc. Water gets in..corrosion begins,metals 'change', fatique, fail..... it's the nature of the beast....
The nature of the failure is easy to understand,based upon the symptoms reported. Simple fix, new switch. If OEM and same quality as the 1st, should last 25-30 years. Are there longer lasting ones,yes. Can an electronic one be made, yes