302 went out of production for a number of reasons. Chief among the was NHV and emissions. Could Ford have solved those problems? Yes. But they wanted to be seen as a forward technology power train company so the 4.6 was born. Anyone that can set aside a bias will admit that the 4.6 SOHC was a step forward by almost every measure over the 302. The DOHC was a major step forward from the 302. In stock form. The 302 is more highly regarded because it responds to mods favorably. But nobody realizes the 302 responds so well because it's so behind the times. The basic SBF arrived in 1962 and improved slightly year over year until peaking in the Explorer and then bowing out.
If Ford had focused on modernizing the 5.0 and backing with that 10 speed, we'd be in a very difficult world.
The 3.7 is a great engine. 300hp, 280ft-lbs and around 30 mpgs is an accomplishment. The 2.3EB is also a feat of engineering. And I'd argue it's not only way better than the 3.7 it's better than the 5.0. Expect for sound. It sounds terrible. But everything else about it is very good.
But all that technology brings complication, more parts, more places where something can go wrong, more real estate requirements. And all the "extra" brings more cost.
Everyone builds what twists their crank. I value simplicity. And it's damn hard to beat the 5.0 if it's built right IMO.