Right, we have only the ruling caste views of the past. However, are we certain that the epic stories of the past were only reserved for the elites or were these intended to be something that was meant to include the entirety of society. Especially in order to create a sense of awe. This seems to have been the initial societal impetus for the palatial system, including enriching an empowering the upper class. That is, by immense extraction of wealth, ritual, display and grandeur, the upper class maintained a serious division between themselves and others. This goes into the common Bronze Age customs regarding caste systems and the distinction between classes that is noted especially across Europe, Central Asia and into Hindustan.It is important, however, to note where, and by whom, written records regarding the memories of the Late Bronze Age came to us. The dominant classes of states who survived the collapse and had left a written record understandably referred back to that palace-dominated time as a time of greatness: mainly Egypt, Assyria, Karduniash, Karkemish (heir to Hatti in this sense). Those who were taxed to sustain the palace, and their heirs, rarely could put their own voice in writing, with with a few remarkable exception. The most outstanding of which, as you say, are parts the Hebrew Bible, in which the memory of Bronze Age palatial systems comes across as the opposite of what how things should be.
The Greek cultural memory is of course interesting. Their record is, in my opinion, somewhat mixed: the Hellenic epics are the products of an aristocratic world and ethos that probably regarded back to the Achaean Bronze Age hegemony with respect ("the Age of Heroes") but seems not to have considered, or remembered, its extractive, bureaucratic, "palatial" aspects. So there was clearly some degree of cultural continuity and even some at least vaguely historical memory (after all, we do have idependent written confirmation that the Acheans, as a unit, fought Troy and presumably a few other allied Anatolian states) but I think it was heavily filtered by the ethos and worldview of Archaic (Iron Age) Hellenes and their emerging decentralised political structure. Interestingly, the Classical Greek historical memory drew only limited connection between the massive Mycenean ruins and walls still visible, and the Mycenean heroes of their well-known epic.
We have little idea of what Iron Age Phoenicians thought of their Bronze Age predecessors, for example.
If we assume that palatial systems and castes created a sense of awe and differentiation between rulers and ruled that legitimized governments and maintained stability, there comes a question. That question is, at what point does the awe and grandeur wear off in a society and what causes this? In my opinion, it is loss in war coupled with environment and likely a sort of societal decay and change that occurs in great realms, such as Rome.