The idea that it's emulating old kung fu movies doesn't even make any sense because kung fu actors are beholden to weight, gravity, and balance. Throwing those things out the window is not a homage to them- it's a rejection of them by way of rejecting how human bodies actually move and behave.
Adhering to reasonable physics when animating something has absolutely nothing to do with making something "realistic" no more than making sure to program proper collisions so the player doesn't fall through the floor against their will has anything to do with "realism." These are simply the basic principles- the technical mechanics you need to perform to actually be good at your job- and they do not interfere with the ability to exaggerate actions.
Art Babbit broke Goofy's legs during a walk cycle, but you can still see he didn't move Goofy's upper body past his center of gravity unless he wanted him off balance. Because it would stupid and unprofessional and unconvincing and he'd probably be fired for not fixing it.
Animation is defined by weight, gravity, balance, acceleration, kinetic energy, and arcs long before it is defined by "what looks cool." This bar raises substantially when you're dealing with 3D because with it comes a higher threshold of immersion by way of the medium. Physics is king in animation and no amount of appeal to style by laymen is going to change that.
