Literally nothing has been lost, because all of the methods available to create music are still available, and people are still using them. Aside from that, the net gain on music technology is a massive net gain however you see it.

I'm not dismissing you because you're a 'boomer', I'm dismissing the point because it's just willfully ignorant.

If you think 'modern music' lacks diversity, you're simply not looking for anything original. Because you can find it, by the bucketload.