The market is way more fractured now. Rock as a whole has taken a backseat to rap in the popular music front. It is unlikely that any band will achieve the commercial/corporate/generic appeal of The Who. Especially those who are considered to make artistic statements like The Who did. Nickelback sells a whole lot of albums, but they aren’t the critical success of The Who. Meanwhile bands like Radiohead and Wilco aren’t anywhere close to the commercial success.
At least rock has the advantage of actually being music, complete with melody and a modicum of talent necessary to produce it.
Rap radio stations and rap music in general are losing ratings and chart positions to synthpop.
Rock music is underground and it will still stay underground because rock ‘n roll was never formulated for mainstream success. It’s too harsh, too anti-authority and too in your face to be mainstream.