You might find this paper interesting: https://link.springer.com/article/10.1007/s11002-022-09626-7

".. preferences for popular music peak during early adolescence or mid-to-late teens, and that newer or older tracks do not command this same level of affection."

Most people generally don't like new music because it doesn't evoke the same emotions as what we heard at that heightened period of our lives.

Musicians haven't stopped wanting to make music and doing whatever it takes to make it, and commercial interests want to profit from that just like they did back then. There's so much good music being put out all the time, in new and old-fashioned ways.