I just think you are super focused on the negatives. My life is great, I don't have a mental health crisis, most of my friends are doing well and having kids and enjoying their lives, and more.
There might be something deeply wrong with the modern world (which by the way includes other countries ranging from, idk, Iran, to Vietnam, to Korea) but there are a lot of things deeply right about it: opportunity, human rights, women's rights, independence, opportunities to build rocket ships or sail the world. That seems like one hell of a gift that I wouldn't want to deny anyone. If anything, providing opportunities and giving human minds the chance to flourish and be creative seems less of a sickness and more of a cure.
The danger when making decisions on behalf of other people is in imagining yourself in their position, rather than imagining them in their position. So you have a happy fulfilled life, you have the kinds of human relationships that provide deep meaning to you, you have the right kind of curiosity and wonder to be fulfilled by witnessing burgeoning technological progress, etc etc. Yes, being deprived of all that would be very bad for you.
Now imagine someone psychologically very average whose source of meaning is in the familiar environment where they have an acceptable amount of status, broad community support and much social engagement. They have a peculiar culture and social practices which gives them deep personal meaning. Now imagine all of that is swept away; no social status, no familiar environment, cultural practices gone, extended family scattered to the wind. What value does the wonders of the modern world have to someone who has lost everything they value?
Consumerism, technological marvels, and endless entertainment are the modern world's answers to the waning sources of personal meaning in modern life. Turns out that it's all a very poor replacement.