I never claim to have all the answers, but there are a couple important relevant factors which have thus far been left out of this conversation...
First, as time has gone by in the PSA era, younger and younger men have been diagnosed with smaller and smaller cancers. It used to be that men in the >75 age group dominated the SEER "rate of incidence by age", but by 1994 the 65-74 age group exceeded the older guys for the first time. The <65 age shot up by 5x in that same timeframe. Also, today, 82% of PC diagnosis is localized; in the early PSA era it was far below 50%. So younger guys with less aggressive PC...of course survival is longer.
Another lesser known fact left out is that radical surgery in the >75 age group was common from 1987 (right after PSA introduction) to 1992 when the death rate peaked due to post operative heart attacks and pulmonary ebboli of men...many died on the operating table or shortly thereafter. We've declined from that peak death rate, but some would say that rate was iatrogenic, and that we have merely returned to the pre-peak death rates. Surgery on men in the >75 age groups is much less common today...the PSA testing has resulted in plenty of younger guys to fill the operating tables, and they can actually survive the procedure.
Over-diagnosis is not, in my view, nearly as big a problem as over-treatment. We need to aggressively treat those who need aggressive treatment, and not aggressively treat those who have what may no longer even be called "cancer" if the name is changed (as it has been discussed in ASCO circles) to "IDLE" tumor.