The tools are irrelevant because its a battle for people's minds. Its far more important what you make vs how you made it.
Absolutely. Content is King. Buster Keaton wasn't limited by silent black & white movies. But if you have a computer or a smartphone or a tablet, there's almost no limit to what you can create...you don't need a film studio or an orchestra or even art supplies to create amazing content anymore. For example:
https://www.artstation.com/contests
https://cgsociety.org/galleries/editors-pick
https://www.deviantart.com/popular-all-time/?offset=24
https://vimeo.com/channels/thedecade
https://soundcloud.com/charts/top?genre=all-music
https://www.ranker.com/list/best-short-films-on-youtube/jacob-shelton
https://www.shapeways.com/marketplace
If you only pay attention to what's on the radio or in the movie theaters, then you're all you're going to get is highly-polished, commercialized content that is catering to the masses (mostly teenagers). But then you'd be missing a wealth of creativity in the treasure trove that is the Internet.
I do think all mediums have a half-life for the initial foundation during exploration...it happened with writing, it happened with photography, it happened with music, it's happened with film, and it's happened with video games. Even in VR, a relatively new medium, it's always the same stuff re-packaged over & over again - wave shooter games, archery games, etc. There's a great article by Orson Scott Card (author of Ender's Game) about JK Rowling suing a small publisher:
http://www.linearpublishing.com/RhinoStory.html
If you haven't seen the "Everything is a Remix" series yet, here's all of the episodes in a single video:
Anyway, commercially? Yeah, we're stuck in a remix slump. But that doesn't mean that creativity has spiraled down, just that big companies don't want to take risks that would potentially cause losses in the tens or hundreds of millions of dollars. There's also a lot of greed, corruption, and even just plain production & marketing costs involved with producing entertainment content & making money from it. Check out this article on why major-label musicians rarely make money from album sales, for example:
https://www.techdirt.com/articles/20100712/23482610186.shtml
If you have a halfway decent product, then making money is primarily about advertising at that point, and sadly, a lot of very creative people with great art, music, game, and video products don't get heard because they don't have a multi-million-dollar budget to get the word out, so we see a lot of rehashed movies, TV shows, and music content rather than a lot of fun, new, original spins on things.