As Jrb25 mentions above, every musical era has had this issue. Over time though, we forget the crap that was put out and has faded into obscurity. What we do remember is the really great stuff and of course most of that is still around today (because old farts like us are still buying/listening to it). Having said that, I do think it's easier to produce music today than ever before with all of the great/lousy technology we have at our disposal. So, as has also been said, I think there is more new music today that we have to sift through to find the gems. Whether it's better or worse depends on your viewpoint. On the one hand, back in the "old days" record companies decided who would get produced and who was shown the door, then they collaborated with radio stations to play what they wanted played and that "produced" a lot of hits. I'm sure a lot of music that we would have liked never got heard because of decisions made in back rooms. Today, indie artists can produce their own albums and release them electronically (YouTube). No need to press CDs, LPs, etc.
So, 20-30 years from now I expect the same discussions to be going on. I probably won't be here to hear them though!
So, 20-30 years from now I expect the same discussions to be going on. I probably won't be here to hear them though!