There's way more games to play today than ever before. There's more games to play than time.
But there's still some credence behind this grievance. It’s just not being communicated the best by saying "modern games suck".
There's definitely a combination of less cool IPs, an absence of a lot of beloved franchises, and a sterilization of a lot of genres that just takes the soul out of games that's mainly impacted shooters, racing and sports games.