It sucks that their theory seems like release is something you have to 'master,' but it's just like putting a finishing touch on the play. The whole green thing made it so that contests had to matter more. Old Live 19 had greens, too, but you could make contests. Sure, people would score dumb amounts of points, and you could 'perfect release' against a contest, too, for a better chance to make it. Red contests are more offensive than greens.
I dunno if what you are saying is true though about greens, at least in old 2ks. You could wet up in Live. In 2k7 it seemed objectively better to shoot slightly late (iirc?) than perfect in practice. But, you still weren't making shots like they made now.
Green = make, but I legit can't say the same release = make in old games. There is a limitation on greens (for example: strangely, I can make fts with low FT% in 23 but sometimes if I get full bar green, I can miss it cuz of my rating. If I release slightly late, I never miss) that will make you miss when you got a perfect release, but I am not sure I'd bet if they set up 2klabs macros on those old games that people would be wetting shots.
Perfect release was a dud with most players, and iirc they had a release that was 'better' than perfect on both the way up and way down. It was kinda cool to be able to choose your shot release situationally. It still seemed closer to real FG%. There were some player's animations that were more money than others, too. It was all sorts of crazy.
TLDR: It was a little different. I think they started transitioning to that by the later 2ks. Even in 14 I felt pretty confident if I knew my shot, but those old 2ks, the ones I used to play h2h back in the day, like 2k7, 2k8... those were not like that, imo, and I liked that shot system. I hit some nice game winners vs defense, and it felt good.
I still remember having the Bobcats in a league w/ a PIP limit and putting 40 on someone with Adam Morrison loool.
-Smak