For 2 decades, West Indies was a "factory" - producing great and very hostile fast bowlers of great pace. When this "factory" went down, starting from early 90s, so did the team. The psychological fear, those West Indian fast bowlers created - particularly in the 80s - had to be experienced to be believed. Whenever my country (India) played Test cricket with them in the 80s and even in early 90s, I would just pray - whatever the series result - let all our players return back in one piece - no broken jaws, broken noses, broken skulls etc.
Even the dominant Australian team of late 90s and 2000s just didn't create that level of intimidation factor.
For me, West Indies team that went to Australia in Dec 1988 was the last great West Indies team. Irreversible decline started after that.
By the start of 2000s, they were firmly a mediocre team.
Despite the decline starting in 1989 they, particularly their fast bowlers, had a huge psychological hold on all opposing teams (except Pakistan) for several years after that. That Aussie victory in1995, a landmark win, was by no means easy. Steve Waugh's contribution in that series cannot be understated. Waugh's toughness in that series was a "moment that changed cricket forever" as they say.
McGrath (highest wicket taker for the Aussies in that series) also played a huge role, but he hadn't made his name yet.