Chaney’s titular Phantom make-up (which unfortunately does not generate the same effect these days)
I beg to differ.
The overly distorted features (in combination with Chaney’s theatrical acting and the film speed, depending on how you watch it), make for a character that doesn’t quite fit in with the contemporary concept of what’s found scary (more grounded approaches, for better or worse). Plus, despite the scene’s iconic status, I don’t find the staging of the unmasking scene to be effective. Which basically just works to create a moment that feels unfortunately inadvertently comedic to modern sensibilities.
I won’t speak for anyone else, but I found his makeup unnerving the first time I saw it, and upon rewatch still found it unnerving.