I think you can usefully combine these takes, and describe Bush nostalgia as a longing for something America used to have and doesn’t really any more — a ruling class that was widely (not universally, but more widely than today) deemed legitimate, and that inspired various kinds of trust (intergenerational, institutional) conspicuously absent in our society today.
Put simply, Americans miss Bush because we miss the WASPs — because we feel, at some level, that their more meritocratic and diverse and secular successors rule us neither as wisely nor as well….
So if some of the elder Bush’s mourners wish we still had a WASP establishment, their desire probably reflects a belated realization that certain of the old establishment’s vices were inherent to any elite, that meritocracy creates its own forms of exclusion — and that the WASPs had virtues that their successors have failed to inherit or revive.
And somehow the combination of pious obligation joined to cosmopolitanism gave the old establishment a distinctive competence and effectiveness in statesmanship — one that from the late-19th century through the middle of the 1960s was arguably unmatched among the various imperial elites with whom our establishment contended, and that certainly hasn’t been matched by our feckless leaders in the years since George H.W. Bush went down to political defeat.
So as an American in the old dispensation, you didn’t have to like the establishment — and certainly its members were often eminently hateable — to prefer their leadership to many of the possible alternatives. And as an American today, you don’t have to miss everything about the WASPs, or particularly like their remaining heirs, to feel nostalgic for their competence.
There is a wonderful moment in a movie that deals with the WASP Establishment and its intelligence agencies in the 1950s. Matt Damon plays a senior US spook on a visit to pre-communist Cuba, talking to an Italian mobster. The mobster asks what “you people” – the WASPs -get out of the deal.