Oh he did, it's just not 1969 anymore. "Communication Breakdown" and "Heartbreaker" are as shred as it got back then, him and Alvin Lee anyway. Once McLaughlin came along it recalibrated everybody's metronomes, as did Holdsworth, Malmsteen, etc.
Eh, I'm not sure I agree with that. "Shred" doesn't mean simply "anything that's fast." Rather, when used as a noun it refers to a genre - fast, technically proficcient, and often harmonically complex, and more often than not instrumental. Page was ripping through blues scales, true, but he was no more "shred" than Jimi Hendrix was. Alvin Lee, well, he's in a whole different ballpark, lol.
Not trying to start anything here, but this statement seems a little arrogant. Could you shred Joe Pass bebop lines and Pat Metheny lines at that speed too?
I actually took the exact opposite from that statement - there's a sort of humility that comes with realizing that, no matter how technically proficient you may be, if you don't have something to "say" then you're just spinning gears.
The faster you play, the lighter your touch. The lighter your touch, the closer your strings are to the frets and other compromises that rob sustain from the instrument. That means you need more compression, which means gain to a lot of folks. And we all know that when you have too much gain, you end up turning up the upper mids and highs to try to get some clarity. So, you end up with a pissy, fuzzy tone.
To a point... There are definitely exceptions, however. One of the things I love about Satriani is he's cut a lot of absolutely exceptional solos with very little gain - "Until We Say Goodbye," for instance. My experience has been that more important than a light touch is an
even touch. I play mostly legato, and while I'm a little rusty these days (thanks to my f'in' job :/) I learned to play legato lines with a lot less gain than most "shred" players (and I'm not sure I'm good enough to fit into that category, but a lot of my influences are from there) by focusing on keeping a really even fretting hand, and making each note articulate clearly. Practicing unplugged was a real eye opener for this... Anyway, you don't really need much compression if you can keep all the notes pretty even in the first place, and for me I like having a tone I can work a bit with my picking attack, so...
But yeah, I've heard it argued that what killed "shred" wasn't grunge as much as it was a whole legion of players with the gain jacked up and the mids scooped for a really forgiving, easy-to-play lead sound that kicked ass in their bedrooms but absolutely couldn't cut live, so people eventually got sick of going to shows and seeing a player move his hands really fast, but having no idea what he was playing.