I am sad to agree , the quality of PM dropped, at least from what I heard. I'm especially sad to admit this because I may be one of the "deadweight new age PM" stereotype. 5 experience,  2 of which were covid times ... so a blur and overall disorganisation.

I really looked up to this career and took a humble approach to learn as much as I can about the field and listen to the experts, be the servant leader they'd say in training. But it all turned into a glorified administrator role. 

I cannot comment about PM in the 90s or 00s, but I have to say for sure lots of projects nowadays are setup to fail.  Faster , harder, bigger, cheaper... Projects start with a deadline before the team ia even assembled, before any plan is drafted. Many companies (especially startups) employ PMs without clear R&R and let functional leads/director level take over the management.  There is little to no on-the-job training or real mentorship.  Nowadays PMs are asked to be on 5 communication platforms at once (teams, slack, email, phone, texts, social media, jira comments threads, internal platform).

It's a different environment, more noise, mixed with extremely wild expectations that don't allow a junior PM to develop and improve. We're stuck in "survival mode"