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Anything that isn't some form of pop or hip-hop is becoming increasingly niche. There's way more music out there now so people's interest are spread out too.
Like me, I listen to a lot of synthwave/retrowave which is by no means popular to the same degree as mainstream music, and I think a lot of other people are also listening to more subgenre music than before, which spreads the listener base out, making it difficult for new groups to grow large fanbases, so you never get to hear about them.
I try to expose myself to rock and rock-adjacent stuff being created today, and you can find some solid artists still, they just aren't mega huge like they would have been in the 70s/80s/90s.
I really don't know what the answer is entirely. I also think pop/hip-hop is easier to produce since most of the artists don't play instruments. They just sit around in a room and throw some beats together and then vocals on top of it, it's not the same process as traditional rock music. The skills needed to play those instruments aren't held by as many people as in the past.
Remember how Grunge came to be. The market was flooded with pop music and it was ready for something with a fresh sound, and Grunge became huge. I'm hoping for a similar revival over the next 10 or so years. But that's only going to happen if the next generation are out there learning the music fundamentals instead of only caring about sitting in a recording studio playing with some knobs, dials and pre-recorded sounds.
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