That pretense was abandoned at least by 1992 (see "the Dream Team"). LeBron carrying a flag doesn't really say much that wasn't already said. It may change a period to an exclamation point on a sentence that was already written.
But even before the Dream Team thing, the Olympics were professionalized... it was only the mainstream US sports that were not sending their best athletes in their respective disciplines (baseball still doesn't, correct?). You would have to go way back for true amateur-ism in which most Olympians were athletes on the side of their day jobs and not full-time athletes.
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Any ways, I never watch the Olympics. I raise a concerned eye at the economics of the games and what they can do host cities and nations in their aftermath (and the corruption leading up to the games).
I think tightening things up would probably help the games overall. Fewer disciplines and fewer venues, so host countries can actually afford it and can leave a lasting legacy. Having a surfing competition halfway around the world from the host city is bonkers and calls into question why a host city is even needed.
You might as well split up the entire thing and allow the best venues to host each sport and spread the entire games across the world. Logistical nightmare, but it will really decrease the negative economic impacts, will allow poorer countries to host something, and lessens the burden of building full infrastructure for a one-time event.
