> What changed is the paged memory model: modern systems don't actually tie an address to a page of physical RAM until the first time you try to use it (or something else on that page). Initializing the memory on malloc() would "waste" memory in some cases, where the allocation spans multiple pages and you don't end up using the whole thing. Some software assumes this, and would use quite a bit of extra RAM if malloc() automatically wiped memory. It would also tend to chew through your CPU cache, which mattered less in the past because any nontrivial operation already did that.
Maybe an alternative approach is to simply mark the pages to be lazily zeroed out when attached, in the Page Table Entries of the MMU. They wouldn't be zeroed out at the time of the call malloc(), but only when they are attached to a physical memory location (the first time you use it).