I don't think it does. I would say that we live in a time where it's very accessible to find something to listen to - as well as to create. We're overloaded with people who make music to the point where it's just more difficult to find the gems.
Also, I have a hunch that people have a very narrow sphere of influence when it comes to what they listen to or how deeply they explore.
Modern day music critics also haven't really caught up. Leonard Cohen spoke about this once and I tend to agree:
"Most music criticism is in the 19th century. It's so far behind, say, the criticism of painting. It's still based on 19th century art - cows beside a stream and trees and 'I know what I like'. There's no concession to the fact that Dylan might be a more sophisticated singer than Whitney Houston, that he's probably the most sophisticated singer we've had in a generation. Dylan's a Picasso - that exuberance, range, and assimilation of the whole history of music."
It doesn't suck, we're just being smothered by it. Which is to some extent what he is talking about. The accessibility and the pace of technology.
Speaking of "smothering". This is a song called 'Don't Smother It' by Skeletons. A song that only has 2.2k views. And in mind much more interesting than what has millions of views these days. Because hey, I can't tap my foot to it and I don't hear a singer who sounds like what I hear on the radio.