javier0889: What you mention is a classic case of nostalgia googles speaking. If you never lived through those times you'll never understand one basic fact: the industry has always had the same problems.
EA have always been assholes. They prevented FO1 from beign Wasteland 2 because they didn't wanted to part with the license. They forced a Wasteland sequel which wasn't needed. They drove Origin, arguably one of the most important PC devs of all time, to the ground. They started their sports series in the early 90s. Everything "bad" they do now, they've always done.
The shallow, "cinematic" cookie cutter experiences have always been there. Think of FMV. That shit is ridiculous. Devs who want to be filmmakers have been around for a long time, and they will never go out of gaming.
People who think games should cater to minorities and diversity have always been there. I mean, there were people in 1998 who thought people shouldn't play Shadow Warrior because it was culturally insensitive and offensive to minorities. Game design be damned.
The decline of shooters is probably the only problem that is real, and it's due to one simple design decision: shift from keycard hunting and mouse and keyboard to headshots and twin sticks. Heavy metal vs dubstep happens to be a thing of the times: they just want to cater to what's popular at the time.
But yeah, gaming and games have mostly had the same problems we love to complain about today. The thing that doesn't help is that game developers and, most of the times, gamers themselves are somewhat of the bottom of the barrel when it comes to culture and knowledge. I'm not saying they are imbeciles, but an industry is just as good as the people running it. Don't expect too much from people consuming pop culture 24/7 and nothing else.
There were a few gems in the FMV era, though. Wing Commander for one, Ripper for another, Black Dahlia was pretty decent. The Tex Murphy games were cheesy, but used to decent effect. Realms of the Haunting was good, if a little clunky. Phantasmagoria and Gabriel Knight's FMV entries were decent. (Maybe not Phantas 2 so much, but eh.)
Myst was good. I'm sure if I thought about it further, I could come up with more games that are considered classics, that utilized FMV in ways that actually made sense and enhanced games.
I think it's all a matter of perspective and I also think that it's harder to separate the soulless drek from the actual gems, because of the sheer number of choices we're given. We also have a journalist industry that's more focused on blogging about their feels than telling us if a game is good or not, which contributes to the problem, or the games they decide to focus on aren't actually good, they just push an agenda the writers tend to agree with.
That said, good new games are still out there, you just have to burn some garbage to find them.