Hard disagree. In the good old days you had to have money to get started on recording. Hell even instruments themselves were relatively much more expensive than they are now. Yes, that barrier probably meant that generally people who recorded were a bit more serious about it, but mostly it just meant that poorer r less fashionable artists struggled to get off the ground. Being able to record on a whim and really cheaply undoubtedly leads to more dross, but it also leads to more gems. People like Walk Off The Earth would have never been able to do what they do before decent home recording. There are also people in this thread making the point that music is fashionable, and that your face has to be marketable. Not so if you can do it yourself.
I completely agree. Viagra Boys, Highly Suspect, Red Fang, Doctor Dog, plenty of bands out there making new music every day. The other thing that people stuck in the last millenium forget is that bands have always been struggling against solo singers. Pink Floyd spent 57 weeks in the singles charts. Cliff Richard spent 1182. Ok, maybe that's about longevity as Pink Floyd weren't huge forever. Fine. The Rolling Stones spent 389, still a third of Cliff.
Came here to say this but have been beaten to it. Music used to be an effort. Vinyl and CDs were expensive, and they had to be bought in person from shops that had physical copies in stock. Then you had to find them on your shelf, turn the hifi on and play them. Nowadays you just scream into the void and ask Alexa to play anything ever recorded. Yes there's always been the radio and music in shops but kids today who aren't interested in music probably listen to more music of their choice than even the most ardent aficionados did in the 70s. That's got to be diluting the charts somewhat. As too are the algorithms, Spotify plays things that are already more popular, as does Youtube. Ask it for 'rock music' and you'll be spoon fed stuff that's already doing well. If you're not paying too much attention or you just want music but you're not specific as to what, then you'll be changing the charts without even trying.