And that's much of the problem with many of today's phono preamps. Noise levels are much lower than in the '70s, but at the expense of headroom.
20dB (i.e. 50mV on a nominal 5mV input) is about the minimum for a decent phono preamp. 23dB, i.e. 100mV is that bit better, but bear in mind that many of today's cartridges output more like 3mV, (especially 300uV MC cartridges through a 10:1 SUT) that one gets more than 20dB overload in actual use.
Noise levels are important, but considering what is the background noise inherent with vinyl, chasing -75dB or more noise levels is unnecessary, but makes for a nice easy-to-understand specification, whereas headroom is more complicated to understand.
S.