Modern music is less harmonically complex than even early Beatles, who used more chords (and more chord progressions) than are used today. Music today is highly repetitive.
Timbre is also less complex thanks in part to the use of virtual instruments and sample packs. Synthesized sounds and samples are intrinsically less complex than sounds recorded in a room. Any two hits of, say, a hi-hat will yield different waveforms and our brains pick up on these micro variations.