Why is the maximum speed of current fighter aircraft lower than those from the 1960's and 1970's?
Speed was life in air combat until the jet age. The pilots who became Air Force generals in the Fifties had learned their trade in the Thirties when speed was the most-desired quality in a fighter. Naturally, the ability to be faster than any adversary was very important to them. When the requirements for new fighter aircraft were written in the Fifties, those generals made sure that a higher top speed was part of the specification.

When those supersonic-capable aircraft were used in real conflicts, something very surprising and unforeseen happened: They did hardly ever fly supersonic. When the Air Force in the late Sixties accumulated the flight data from several years of Vietnam war air combat, they found that all aircraft had accumulated just minutes at Mach 1.4 and only seconds at Mach 1.6 out of more than 100,000 combat sorties¹. Never was even Mach 1.8 flown in aircraft which had been optimized for Mach 2.4 (F-104, F-105, F-106A, F-4D/E and F-111).

To cite from this study why speed stayed mostly subsonic:


  The first of these reasons lies in the shape of the turn rate vs Mach number relationship for an aircraft. […] In combat, each pilot has the tendency to to fly his aircraft so as to maximize his turn rate. He thus gains angular position on the enemy which, in turn, may permit a missile launch or a gun firing. […] It can be seen that the pilot's urge to maximize his turn rate will unfailingly drive his Mach number to about 0.7. Thus, if the pilot is going to join in combat, […] his speed will inevitably drop to subsonic speeds. […]
  Note also, that even if the turn rate is held constant while increasing the speed, […] the turn radius and load factor increase, bringing with it increasing problems of keeping the enemy in sight.


The second reason given in the study is the dramatically smaller combat radius (the maximum distance the airplane can travel from its base, accomplish an objective and return) once the aircraft starts to fly at supersonic speeds. Even for flying into the combat arena supersonic speed was rarely advantageous. Northrop studied a multitude of intercept cases and found that speeds above Mach 1.1 were almost never helpful because they curtailed the combat radius severely.

Now you need to know that the top speed is an important driver in airframe design. Flying at Mach 2+ requires heavy and complex intakes, a heat-resistant structure, high wing sweep and heavy, low-bypass engines. This all degrades the combat qualities at high subsonic speed, which was where those aircraft were used the most. Building into them the capacity for Mach 2+ made them worse for what they were actually used for.

From the late Sixties on this lesson was incorporated into the newer designs like the F-16. Stealth again decreased the importance of supersonic capability, and the maximum sustained speed of the F-22 was actually reduced from Mach 1.8 to Mach 1.6 to reduce the heat load on the composite wing leading edge.

¹ Source: Northrop F-5 case study in aircraft design, AIAA Professional Study Series