Yes though that has largely died down..
But I speak to a lot of guitar teachers. And other than perhaps Taylor Swift for girls, most of their kid students desire to play rock, classic rock mostly.
I am not arguing that classic rock’s is long in the tooth with its shelf life, and will almost certainly decline in popularity and be more niche… but given the absolutely formulaic and boring stuff that is mainstream today I don’t see it dying off completely anytime soon.
The fragmentation of music due to technology and democratization music can and never will have the same cultural impact it once did.. audiences are too divided and fractured to ever see the things that used to be.
There are still talented artist out there but you will see few if any reach the levels that just your more successful bands reached in the heyday
The Beatles, The Stones, The Who, etc. are the Beethoven, Bach and Mozarts of Classic Rock.