We do seem to go through this 'it's all ruined, I tells ya, roooooooooooiiiiiinned' thing every couple of years, just like music does, and literature, and so on. It's true that, no matter what the ISU pontificates, skating that is pure and intricate and beautiful isn't rewarded as much as jumps and tricks and the mugging (especially mugging right in front of the judges) that has wrecked quite a few for me though other people seem to like it, so anyone who wants to win big will go for these, especially when ridiculous marks for PCS and GOE are given when not even deserved (politics and the desperation to make the 'right' skater a star). And the cut in the length for the FS, whole maintaining the amount of athletic geewhizzery they needed to get in, doesn't help and they show no signs of wanting to fix it.
However.
Firstly, level hunting is not the only thing that's doing it, and my guess is how it looks on social media, where flashiness is exactly the point, has a lot to do with it. Adam starting the backflip, the now-stale-as-mouldy-bread cartwheels... flash and whizzbang works there. And social media is not going to go away. (A side point, Mark Hanratty mentioned on one of the junior streams this week young skaters who, as well as winning, want to be 'invited to shows in Japan'. Gotta be noticed for that.)
Secondly, who - not what, who - are we comparing recent skating to? Unless someone breaks out in the next few months, there currently isn't any senior level skater (and yes, I include the Russians, I do see some of their present best online thank you) who is or is likely to be as beautiful and brilliant and interesting to watch and rewatch as some of the greatest in history but then... when the greatest in history were active, 99% of the skaters weren't as beautiful to watch as them. Most of the not so beautiful skating have been largely forgotten, only a few full competition videos lurking in corners of youtube so we forget that the general level of even elite slating of the past isn't the ones we all watch and hype a lot.