port layout, intake design, reed design, head design, pipe design, ignition design, carburetion/fuel injection, oil injection nozzles in bottom end just to name a few. Basically modern 2 strokes have a lot of years of innovation, engineering, and trial and error put into them.
Look at a car engine of 20 years ago even, compared to todays engines, at least double the power, and probably half the emissions. It's much the same with 2 stroke designs.