It has to do with durability and long-term performance of parts, as well as the basic design being old. Cars worked fine in the 60's, but few people would want to use an engine from that era on a commuter or race car today. Gaming, even on a lower end system like yours, puts stress on the PSU because the power needs are not regular, but can have short spikes of needed power. This extra power comes from the PSU's main capacitors. The cheaper they are, the shorter their life. The problem with your PSU is that the probability of it failing is much higher than most of us would be comfortable with and when it fails it could take your system with you. Really good PSUs fail too sometimes, but tend to do so in a quiet, safe, manner.
The best performance and reliability requires power output and quality as close to ideal specification as possible. Cheap PSUs are usually much further from the ideal.
Back to my question, why are you considering an i7 4790 in that system? Depending on your intentions, there are better choices.