The face of music changed dramatically circa 2007 when the economy crashed.
At that point labels couldn't take the hit of a rapper with no universal appeal selling 45k.
Even its height the entire industry was pretty small, it was 38 billion dollars.
But the music was always in the hands of the people, social networks like youtube, Facebook, and blogs really lead us into the future.
I tell people all the time, some of my favorite rappers are all unsigned, Budden, Styles P, Ar-Ab, Scarface, Ransom, Cam'Ron.
I agree.
From 2006 and onward I think music in general took
a massive hit.
The labels couldn't afford to keep the vanity project brand
of artists on their label and in an attempt to keep their profits
up they started signing what sold the most and ignoring what
sold the least.
I think Hip Hop suffered the most in that the balance
was lost, a lot of the talent that blew up in 2007/2008 even
2009 were straight one-hit wonders with no redeeming qualities
outside of one or two really catchy singles.
From what I've heard/read they don't even develop
a lot of the Hip Hop talent they pick up.
So those one-hit wonders will never grow artistically beyond that.
While the guys you mentioned Budden Styles P, Ransom Cam'ron
etc.
Had to pay their dues before ever getting a deal and/or loved
Hip Hop enough to continue excelling at their craft.