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Criticism is an extractive industry, like mining. Veins get played out and it gets hard to find new ones.

Academia expanded so much in the 20th century that most of the scholars have nothing much to say, whatever approach they take to literature.

So sure, most of the race-gender-class-sexualorientation stuff is worthless. After a certain point, though, even a more worthy approach ceases to produce anything worthwhile.

Something similar happens in the the creation of literature. Tens or hundreds of thousands of MFAs who've all had the same background and experience, who haven't strayed far off the academic path aren't likely to produce much of value. Quantity crowds out quality.