This is totally true. I think it's summed up well by an advert for Lynx Africa that they show here in the UK (that's Axe body spray for the rest of the world I think).
The advert is meant to celebrate the fact that Lynx Africa has been on sale for 25 years now. So it shows this modern high school student getting sucked into a time portal and getting sent back to 1995.
"BOOMSHAKALAKA! WIND YOUR BODY, WRIGGLE YOUR BELLY, DIP AND GO DOWN IN THE NEW STYLEE..."
All nostalgic stuff from the 90s floats around. 1995. Wow, Sony Playstation! 1997. Baggy clothes, Britpop. Cool!
It gets to 2000, then just teleports him back to present day. So they basically couldn't think of anything distinctive from 2000-2020. And I agree with them! What was the cultural zeitgeist of the 2000s? Spongebob Square pants? What about the 2010s? Uh...Fortnite?
Everything is so diffuse nowadays. How can you even strike up a conversation at the bus stop? Did you see that show last night? No, nobody watches broadcast telly anymore, we're all binge watching our separate shows on one of 100 different streaming services. That latest pop song? Meh, there's no Top of the Pops anymore, Spotify just recursively feeds us songs we already like according to an algorithm. There's no common cultural ground anymore, hasn't been for decades