I guess the WD40 thing has a lot to do with climate. For us dwellers of tropical or humid places, it is heaven sent.
I also think it that it has a lot to do with proper usage and knowing its limitations.
Witness the bottom Masterpiece:
I got that gun in 1980, when I was 14. You know what that means: thousands upon thousands of rounds- boys will be boys. Look at that finish: I don't know if the pic conveys it, but it is like new. The only lube it has ever seen in 32 years has been WD40.