People aren't interested in true talent anymore for the most part. Most people would much rather watch a bunch of no talent celebrities like Lindsay Lohan, Britney Spears, Amy Wino-house, and the always intelligent Paris Hilton implode in public for all to see. It is kind of like the train wreck that you see but you just can't turn away from. I don't get it but as long as there is the paparazzi following these people around making them feel more talented and important than they really are, this will never stop.
There is talent out there, but people don't want to pay to see talented people who keep their noses clean. There is no money or news in that. People back in the old days like you described had more respect for themselves than the self-promoters of today! As they say, ANY publicity is good publicity!