Well, the idea wasn't a bad one. Just not thought out very well. Back in those days, aluminum was becoming popular. Anyone remember the aluminum house wiring debacle
Yes.
According to my understanding if aluminum wiring is done properly, it's OK. The devices (outlets, switches, etc.) used have to be aluminum compatible. I've been told there is an anti-oxidation crème that should be used, and the terminals have to be tightened to a specific tension.
I was just talking with a contractor who is about to do some work for us, and the subject of main power panels came up. He told me that many of today's home panels have aluminum buss bars.