Right, but there are FAR more mediocre games produced than excellent AAA games, and that's always been true. There is only a "generation defining" game once a generation--that's what it means.
Developers have to change their their games to suit the demographic as well. The PC and console market have grown as they become more affordable and thus the market expands. So you do see more things that you don't like, because you are no longer the primary demographic. I suppose you are right, in a way. Games are no longer designed specifically for the older gaming generation--they're meant for a restless public within minimal skill and unwilling to put in a time investment learning, but who still want to feel accomplishment.
I wouldn't say that games are bad. If they were really so bad that people (note: not you, but people) puke or something, they wouldn't sell. They clearly appeal to someone, it's just no longer you or many of the reviewers, who grew up in an earlier gaming generation.