If you take it to the most extreme, the glass cannon gameplay can be emulated by giving every enemy, including bosses only 1HP, giving the player 1HP too and letting everything you or the enemies do deal 9001 damage (because armour might fuck things up).
Problem: if you're good enough to avoid everything, you one shot every enemy and end the game in a couple hours. Publishers deemed this "not profitable".
Modern apprach: everything has a bajjillion HP (including you) and you can upgrade your 7 damage weapon with half a dozen +1% bonuses.
Games last a lot longer but are tedious.
Non-memeing aside, glass-cannon gameplay doesn't work because you feel vulnerable or the enemy lacks massive healthpools.
It's because there's more to the gameplay than left clicking something till it's dead.
Consider Destiny 2. The game's so easy, ducking undercover is not required, it only slows you down. You can just auto-aim your shit at everything that comes near and keep marching to the end of the level non-stop. That's all you do: left-stick forward, spam trigger button.
Now compare to something like… I dunno, Bloodborne? Any game deemed reasonably dificult.
You gotta attack and move forward, yes. But you also gotta keep in mind the fight around you. Is there an opening? Should you be more defensive and hang back? Can you heal or should you wait?
You end u playing with the dodging, quickstepping, healing, hunter tools, and other "peripheral crap" instead of simply mashing the attack button.
If Destiny was a good game, you'd play around with cover, vertical movement, grenades, enemy positionement and your powers.
tl,dr: What this guy >>14484281 said.