[jabl]

Yes, ETOPS ratings have been extended as engines have gotten more reliable.

Another factor is that we have learned to make bigger engines as well. So nowadays with two engines you can power a pretty big plane. And due to how turbine efficiency tends to scale with size, two big engines is more fuel efficient as well as saves on maintenance costs vs. having more but smaller engines.

For an extreme example, look at the B-52 with 8 engines. That was what was available back when the plane was designed, but nowadays the thrust from those 8 engines (about 600kN in total) can easily be exceeded by two modern large turbofans.