I think the issue isn't the health pools per se because ideally the HP of everyone is kind of climbing commiserate to damage output capability (this relies on the DM knowing what he's doing though and balancing the encounters). Sure the enemies have more health but now your rogue is doing hilarious sneak attack damage, the fireball is being cast and doing like 100 damage spread out across all those idiots that stayed too close etc. The problem in my opinion is when you have turn after turn go by where players and monsters keeping whiffing on attacks and PCs somehow forget what their capabilities are in-between rounds and all those moments of dithering add up but I haven't played enough other games to know if there's another system that somehow accounts for solving bad dice rolls.
I do like the DM calling a fight early if it's clear the PCs have or are going to win and the rest of it is doing clean-up.
OS games (and many games that claim an OSR label) attempt to achieve their balance via raw probability. There is odds the dice give you better results, worse results, or about as good of a result and you expected, and what that one roll of the dice says happens, happens. Sometimes its wildly good, somethings its unexpectedly bad. Don't like it? Shouldn't have touched the dice, shouldn't have played the game.
Modern games - especially D&D 4e/5e - attempt to achieve their balance via complexity and probability manipulation. And this is where the huge HP tanks come in. The idea is that a critical hit from the monsters is big set back for the party - but you need to factor in if a non-critical hit was a big or little one, the cumulative effect, and factor all that in, and you're left with a huge HP tank.
(I'm not talking about 3.5 because while its got some of the sins of 4e/5e w/r/t this, they are much, much less and has easier, more accessible methods for GMs to manipulate the numbers to do what they want. Also I should add while I talk up OSR, I acknowledge that in general I
prefer probability manipulation systems - giving everyone levers to pull generally makes the game more fun. And it sort of sucks when it all comes down to a single dice roll, and it fucks you. The problem is systems usually go to far, and you end up with combats that are three hours long because everything is TOO balanced.)
I do like the DM calling a fight early if it's clear the PCs have or are going to win and the rest of it is doing clean-up.
I take a look at what is going on, and how important the battle is. If all the big hitters are down, and its a battle the players are going to be able to take a long rest after, I just ask "You guys going to take a long rest after this, right? Alright, you win... this guy and this guy got away, but the rest are dead."
If its in the middle of a dungeon where the damage to the party might actually change how ragged they are at final boss... when its down to just a couple annoying enemies I'll usually say "Alright, you guys are going win. If you want to wrap this up, this guy is probably going to last two more turns, his guy three. If you're willing to just let them hand out 5 attacks, we can wrap this up and end it."
Which is one of the other things I hate about Munchkins: the only players I've had reject this offer were munchkins, so we spend another hour going around the table because they think they can beat the market.