You are correct. There is fantastic new music being released. We just have to work to find it. The record companies are lazy and only push what is easy to sell - nostalgic tunes and trendy instagram stars. The good new music seems to be released on smaller labels or else directly to their fans.
Take Steven Wilson (Porcupine Tree) for an example. He is a phenomenal musician and song writer, but he gets no publicity outside his own fans. I learned of him four years ago in Reddit after looking for new progressive music groups.
I also realize that most people want to listen to the same music that their friends are listening to that month. They want to be part of something popular. A lot of us in this forum have eclectic tastes and will have to work to find new music that we like.