Remember there was a period of stagnation in pop music between the initial burst of rock n roll and the Beatles, so all is not lost. When the Beatles and the 60s in general hit, the people running the record labels had no idea what to think, so they signed everyone they could and allowed them 2 or 3 albums to develop.
That doesn’t happen anymore. The labels have been honing their "expertise" in what makes a hit record since the sixties and they are really not willing to take a chance on someone. So, creativity is stifled and most music becomes more formulaic, the music that is released by record labels anyway.
There is still a lot of good music being made by younger people, though. It’s just not getting the promotion it deserves from the labels or the rest of the industry. They prefer to go with their trusty formula. There is a lot of good music being made, you just have to look a little harder, although streaming can do a lot of the work for you.
The 60s and 70s were a period of exceptional creativity, though, and a lot of good music was made then. It will happen again, who knows when.