Is today’s contemporary music lacking?

A lot more than a few. 

By simply opening your mind to different styles of music the last 20 years has produced an incredible amount music that rivals the favorites you cling to.  
Yeah if you listen to pop  not a heck of lot of stuff produced is ground breaking over the last 20 years but what do expect it's pop.

Every generation says this about the next generations music. Some genres are worse and some are better. The music industry is just that… an industry. They produce formula driven music to make money/profit. It’s been that way since the music industry started. Hell, musicians were writing and performing music directly for their wealthy benefactors long before there was an industry. So they wrote and performed music only for the wealthy. 
There is still fantastic new music being produced every year. Just stop expecting everything to sound like the cliched overplayed crap from the previous decades. 
Also, Bob Dylan sounds like absolute a**. Talk about someone that could have used autotune if it was available. 
Cheers.

"The music industry is just that… an industry. They produce formula driven music to make money/profit. It’s been that way since the music industry started"

Of course, AND, the industry used to be run by people who actually cared about music and were willing to take chances on artists who were not formulaic! Consider the remarkable variety of music on major labels in the 60's for example.  

Now, the bean-counters are thoroughly in charge. Their sole focus is  producing predictably rising profits. There is plenty of good music now but you won't find it on major labels. 

@articdeth:

" 2000 til now, music is trash, all garbage"

I disagree.

There is still a lot of excellent music being made but don't expect to hear it on the radio. 

You have to look for it.

If you don't bother to look, how can you justifiably complain? 

I would say just sucks