Exactly, when I think of the recent movies I like, almost none of them are from the US.
Ditto. I tend to use the word "Hollywood" carelessly to refer to the whole film industry. It's a bad habit that I shall try (and probably fail) to break. But yes, a lot of the better new films are coming from overseas. And a lot of the best U.S. films are coming from the indies and smaller to mid-major studios. The competition can only help, provided that all the independents and rising mid-majors aren't bought up by the Borg and turned into clone machines.
The big legacy studios are mostly owned by the streamers. They're the Borg. They sometimes manage to produce a decent film -- they're so big that sometimes they can't help themselves -- but a good film has to run the gauntlet of a DEI committee, a phalanx of woke freaksters out to cancel any non-conforming thought, and corporate suits who are in the business of selling subscriptions, not movies. They see films as generic content, are biased towards quantity over quality, and live in fear of the God King Emperor Xi and Chinese censors.
Meanwhile, the independent writer/director with a good idea and a passion to make good movies can still do great work. The question is finding distribution and getting decent marketing. The big studios dominate the Oscars and the other awards, which are just marketing devices.
At the outset I listed four 2021 films that I would highly recommend; none of them are Oscar nominees, though After Yang, produced by A24, could be in the discussion next year. That is the second film by Kogonada, a Korean American director who was born in Seoul, immigrated with his family when he was young, and was raised in Louisville. His first film, Columbus (2017), was the movie I tripped over by accident and that made me realize that I had a huge blind spot. Columbus cost $700,000 and was shot in 18 days with a first cut completed in three weeks to meet a hard deadline for submission to Sundance. It was good enough IMHO to have awards potential for cinematography, score, and best actress, and might have gotten more attention had more than ten people seen it in theaters. It's become a word of mouth classic, but it had virtually no marketing campaign byond the festivals, where it was very well received.
Great films are still being made. The trick is finding them in all the streaming clutter.