When do you think was the last time that "the railways ran properly"?
Based on a combination of lived experience as a passenger and extensive reading, I'd suggest the period prior to the break-up and privatisation of British Rail. According to Wolmar (2022), Britain had the most efficient railway in Europe at the time and, growing up in the old Network South-East region, I recall the phasing out of the old slam-door trains coinciding with a general improvement in service performance.
I suppose how anyone defines managing a complex industry such as this "properly" depends on where you feel responsibility for that lies. My belief is that there are a handful of essential industries / services which should be run for the public good, rather than purely for the benefit of shareholders. Public transport would be one, the utilities (water, electricity and gas) and the postal service would be others.
One of the main arguments used to justify privatisation was that it would open lines up to competition. In the main, that hasn't happened and great chunks of the network are now operated by businesses owned by the state-owned operators of other national railways. At present, we have the worst of all worlds; the network has effectively be nationalised in all but name but the private companies awardeded the franchises are continuing to generate huge profits.
I see the railways as drivers of economic activity and social mobility, rather than as profit centres. The history of railway development is littered with companies who struggled to make lines pay and were swallowed up by former rivals. Why? Perhaps it is because running a railway is more complicated and labour intensive than running a conventional business?
I would never argue that the old British Rail was perfect; clearly, it wasn't. Nor should the network as it exists now be immune from change; if there are improvements which can be made, they should be. But what we have now, with the fragmentation, ongoing industrial disputes, the proposal to shut most ticket offices and poor reliability of services, is no way to run a railway.