175mm were very much the norm for a long time. I had no issues with this as a teen, but just recently I've started riding a Marin I've thrown together that has 175's. I can really notice the difference from the 172.5's I'm used to on all my road bikes. Not so much the up & down but I really feel like my feet are having to throw out excessively for & aft in the pedal stroke. Granted it could be a geometry/bikefit issue but it just feels awful. One of my bikes has 170's & I am hoping to move all my bikes to 170 or even shorter as & when I can.
Shorter cranks effetively allows you to raise the saddle by the change of crank length in mm which at the top of the pedal stroke as the foot/leg rolls over the stroke, the knee should have less of an acute bend & alleviate any hip issues at this point, likewise a slightly straighter leg at this point should equal a little more power from those recruited muscles (at the top of the pedal stroke).