I don't disagree entirely, but there are still some gems today that are enjoyable for kids and adults. Speaking of Looney Tunes, the new "The Looney Tunes Show" is pretty great. And there are some things on Cartoon Network that are passable, like Adventure Time and reruns of other niche shows from the past 10 years.
I think the options are fewer, or the ocean of content is vaster, so it seems like there's nothing there when there is.