Yes, but that seems like something new we want to strive for. Going back to Web 1.0 is basically saying that 90% of people shouldn't really be able to interact with the internet in a meaningful way beyond consumption. It's not all that different than the argument that things were better when newspapers were the only ones participating in the news.

The original promise of the Internet was heavily tied to democratization of publishing media. In many ways, the internet of today is far closer to that goal than the internet of the late 90s, just with a lot of backsteps and additional problems created along the way. We ought to solve those problems, but just resetting the clock back 20 years isn't a step forward.