AoW2 and AoW:SM had amazing, unforgettable musical scores for each of the different schools of magic you played.
AoW3 has... bland music. It's not that it's not sophisticated or that it's not good, it's just that it seems to lack any emotion or passion, and is certainly entirely forgettable the moment you turn off the game.

I really like AoW3 so far, but the lack of great music that the previous games had is really prominent. Anyone else feel this way?

I agree that music in previous games was great, but I also disagree about current one - it's, in my opinion, also great. Quite relaxing, for me at least. :D
And I'm listening to it thanks to soundtracks included.

The AoW3 music harks back to that of AoW1. Same composer, some tracks are even re-imaginings of AoW1 tunes.

AoW2 and Shadow Magic had a different composer and a notably different style.

It comes down to a matter of taste, I'm afraid. I, for one, liked the AoW1 music much better than the more in-your-face AoW2/SM music. (Not that the AoW2 music was bad. Some tracks were great in and of themselves. Just not really my preference for a game like this. They got grating with repeated listening.)

AoW3 has the music is the best yet, I think. Much higher quality than AoW1, more variety, better consistency, but the same atmosphere and much more subtle than AoW2 or Shadow Magic. It does a great job of setting the scene and fits the atmosphere of the game very well.