My considered opinion on this, as someone who loves pop music of all kinds from all eras (especially the 80s and 90s):

Yes, I agree with you to a considerable extent. When I look back on the embarrassment of riches seen in the aforementioned eras, when compiling my favourite singles of the year, it was a difficult (but fun) selection process. Now, I have to really scour the Earth to find songs that are passable for such compilations, with this year proving particularly difficult.

Also regarding the generational thing (I'm Generation X and proud) it is interesting to note this isn't necessarily an opinion only held by those of a certain age. My children (13 and 18) both much prefer earlier pop eras, and not because I'm a fan of them. They seem to have discovered them by themselves, via the internet (and then been thrilled to raid my vast record collection). Indeed, in our house, it's not unusual to hear David Bowie, Madonna, Queen, Guns N Roses, Blur, The Prodigy, etc coming from their rooms, whilst I'm listening to Ed Sheeran or Lady Gaga in another. When my youngest son asked if we could see Michael Jackson in concert (after discovering Thriller), I had to break the sad news to him. In fact, my children are convinced that 99 percent of great pop stars are dead.

I do believe reality TV, social media, and digital platforms have dealt something of a death blow. Part of the reason is talent isn't nurtured by record labels these days. Consider U2. They were a long term investment, and didn't have a top ten hit in the UK until 1983 with New Years Day, after (I think) at least three albums. That would never happen today.

My biggest complaint about modern music is how cloned it all feels, and how lacking in individual character and passion. Pet Shop Boys, The Smiths, and New Order (which I often call my 1980s musical holy trinity) all had a unique sound. How often can that be said of modern music? Certainly not mainstream pop music.

At which point I will concede, yes, there is good new music out there. You just have to look a lot harder.