I don't think it's just an age thing. A lot of major cities in the west have become gentrified due to real estate, and there are a lot more rules. The 90s and early 2000s were peak days for great parties because the governments hadn't closed the loopholes yet, and also there were still available spaces. The cities have been invaded by wealthy people who are totally square and have no sense of art.
The city I live in, most of my favourite acts don't come here anymore because there's so much red tape. Permit after permit required, and even the Fed has introduced a tax on foreign artists entering our country. On top of this, the RAVE act in the early 2000s severely clamped down on the party scene, such that if the police found even ONE person on drugs at a scene, they could shut down the entire event and arrest anybody they wanted.
So yeah... capitalism has become predatory and imprisoning. They don't want anybody to have fun anymore. They just want you to make money for them and not think too much about having fun/being free. The party scene in my city now is mediocre. Very expensive, events close early, and the acts aren't all that talented. I pretty much have to travel abroad now if I really want to have fun.
Arts and culture are all gentrified now, which makes them boring. Wealthy people don't struggle or sacrifice for anything, so their art never conveys a powerful message. It's all fluff and practically pointless. Most of the middle and lower class artists in my city have all left, it's too expensive to live here now. The result is that art here has become a bourgeois activity only. If you aren't wealthy, you're too busy trying to survive to contribute to the art world.
Culture in the west has stagnated and its all due to economy. Mostly greed.