We can talk about youngin's lifestyle, competing interests for their entertainment money etc but I think the "cost of ownership" (or lack there of) of music today means there is a lack of respect (for a better word) for that music.
When I started collecting vinyl back in 1970, in my country an imported album (which was 80% of the market) cost $40, which is ~$700 in today's terms.
But putting aside this extreme example, it must be recognized that physical media cost proportionally was a reasonable amount of money for any youngsters during the period where a hi-fi system was at its peak. In my first job, I started on $5000 before tax and vinyl was $30 so when I could afford an album, it was cherished.
We had none of this, on the go, omni-present mobile phones so our music playback experience was centered on a home stereo system.
Thus was born, in some of us, the desire to maximize the sound of our hard earned black and silver discs because as time went on, our collection had cost us $1000's, $10,000s or more to buy.
Now with the entire world of music available for $10 per month, streamed to your phone over headphones, as noted there is no skin in the game, music is just wallpaper.... so no desire exists to maximize its reproduction.
There will of course be outliers but the trend is HI-FI as we know it will die along with the generation that it influenced.
The other thing, which may or not be related is music today (as seen from an historical perspective) is a bit bland. if you look at the period from say 1960 to 1990, the number of genres that were born (and died) that we as music consumers lived through was massive.
Today and over the past 15-20 or so years, a small number of genres dominate and due to the internet and its ability to influence, generally only a small number of acts (typically singers, not bands) dominate.
Thus if music today is homogenized then the desire to maximize its playback potential is again minimized.
Maybe related, record companies do care about traditional A&R, they just look at what new artist is trending on social media and take it from there. No slogging through dive bars in back streets looking for new talent.
And finally, with the world having gone so PC or its younger sibling woke, many of the bands/artists we grew up with would never get signed today cause they would be considered too offensive (just like many books, TV shows and movies of yore).
The above is not a "ok boomer" rant...I aint knocking youngin's... its just the way the world is turning at the moment.
Peter