There was a point in time (60-70 years ago), before women got equal rights and were able to make a living comparable to men, where over the top gestures liked this worked.
The risk of a man procreating with you and then leaving you was the biggest fear in dating, because there was not much of a safety net (no formal child support system, birth control wasn't regularly used, income opportunities for women were scarce). So when judging potential partners the amount of effort exerted by a man was a major factor. You could truly win over a woman by being chivalrous and proving that you felt passionately about her.
Times have changed and today's women have opportunities to make a living, they have child support, they have birth control/abortion to prevent that from occuring in the first place. So instead of choosing men based on how much effort he puts into it, they choose men based on the perceived value of the man and how he presents himself. The potential negative ramifications of choosing a man that isn't truly interested in marrying and raising a family are much lower. Chivalry has been replaced by demonstrating high value.
Most men inherently know this and have a lifetime of examples to validate this point. However, the media (and some people), still romanticize the knight in shining armor ideal from back in the day. Women still want a guy like that, but only AFTER they have already chosen to be with him. They can take the risk of choosing a man who doesn't put that level of effort before a relationship and hope that as the relationship develops he will show to her he is all about her. More importantly, not requiring a man to put in that level of effort, gives them the opportunity to have relations with higher value men. It's not a risky proposition to do so, as the likely scenario of getting pumped and dumped is not nearly as detrimental as it would have been years ago.