There are two separate points to address here:

1) Your point about the ludicrous hyperbole about cinema being doomed just because Hollywood went through a rough patch is spot on. Obviously, that was nonsense, as has now been proved.

2) Regarding the quality of the films that have been box office hits, again box office isn't a metric of quality. Critical analysis is another matter entirely. On the subject of Alien Romulus, it works well enough, but although it is by default the third best Alien film, it is hardly a close run thing. The original two remain in another league entirely. My review is here, if you're interested. :)

Film Review — Alien Romulus | Simon Dillon Cinema (medium.com)