One might have said the same thing about the millenials since the 00's and the 10's were known for being "culturally poor" in comparison to previous decades.

I think there is a huge economic and demographic phenomenon driving these trends. Young people today have less money and less economic perspective than the young people from previous generations in the same age bracket and this reflects in the art and everything else. The continuous deceleration of the econonomic growth in the last five decades together with unprecedent inequality brought the world to the sad times we're living in.

In the past also your parents were expected to die at 60 and something and pass their wealth to their children. The boomer generation broke this trend with force, they are living much more and don't seem slightly interested in ceasing any kind of power to the younger generations.