Francis Ford Coppola blew up an entire island at the intro of "Apocalypse Now!" (Marlon Brando, Martin Sheen, Robert Duvall, all highpayed actors) And blew up a forrest and a village as well without Colonel Kurtz drinking a nice can of Coca-Cola. Need another example?
I would like an example that wasn't made over 20 years ago, yes. Read over this trivia, and you can probably see why movies aren't made like this anymore.
http://www.imdb.com/title/tt0078788/trivia
I am well aware of the story behind Apocalypse Now, it just shows that Hollywood has become more like a stock portfoolio with outside, sponsored investors, not willing to risk to go beyond PG-13 (Which is not Transformers related anyhow) since the risk is too high. The 1970's are long gone. Outside of 80's action (a guilty pleasure of mine), there's little action-movies that i've seen.