A perennial complaint among people who aren't exactly young anymore (including me) is the good ol' "Music today sucks!" This is fun to say, but really not fair. Think of it this way: what if the generations of music were like the cast of a movie? You have your leading men and women, impressive ensembles, maybe the eye candy on the side and the comic relief—all the usual roles to fill.
Well, then the past has been filmed and released already. All the awards have been handed out, and everyone is relatively immortalized for their impact: artistically, culturally, or both. You can argue whether they deserve it or not, but you can't argue the fact that they've survived time so far, and that doesn't happen without reason. They did something big. All the people who didn't? They faded away, and you're left with those who really stood out. (Yes there are always great people who get overlooked, but that doesn't mean those who do get cemented in the spotlight weren't deserving.)
So that makes the present day an immensely crowded, years-long audition for who gets to survive and be heard beyond the next five minutes. Of course it's going to look like a lot of shit with all the masses trying out almost American Idol style. The ratio of bad to good may be worse now with the accessibility of technology and proliferation of mass media, but still! Get over your favourite generation! You should absolutely highlight and remember what was awesome, but you can't pretend it all was or even most of it was. It wasn't.
I'm not saying everyone is going to have a cultural phenomenon like The Beatles, or whoever holds that throne in your heart, but the lack of a worldwide darling doesn't imply a lack of good music. The public eye is fickle, so especially in the present, especially if you're older and have heard a lot already, you need to look more for yourself. There will always be new, incredible people making new, incredible music. Find them, and give them a chance!