There were '60 and early '70, and then there was punk. There were '80 and then came grunge. I have no idea what this nu-metal crap has to do with that, but all that looks like a cycle to me.
Although I mostly listen to the likes of Steve Vai and Buckethead, my perfect solo is more "November Rain"-like, so I'd say it's not only the lack of technical abilities, but the overall impact of the music. It is not (at least for me) as emotionally involved as it used to be. It seems people want shallow music they can listen while having lunch and relaxing after work.
Last, but definitelly not the least, is the industry: If they make the "no-solos-easy-for-playing" music commercial, they get millions of kids buying guitars (and other instruments, for that matter) thinking they could do it themselves. But, in a way, that makes centuries of musical heritage painfully obsolete. And that, for me, is the real problem.