Luckily, we're still spoiled for choice. Or, I feel like I am. There are more quality TV shows and movies, than I have time to watch these days.

I wouldn't be too quick to dismiss Chinese media industry. They have made some amazing films. Infernal Affairs, comes to mind. But, I'm the wrong person to come up with examples. I'm sure there are plenty.

Other than that, I agree with you. It's the enshitification equivalent in Hollywood. It's just a bit less engulfing, since good movies and shows can still be made, in spite of some of the watered down drivel and ruined franchises for short term profit margins.