There are great games still, games that have scope and depth so big and deep hat is beyond the wildest dreams of people in the 90's (SNES era). Take Witcher 3 for example, that game is just ridiculous.
The problem is there are also much more things to try and grab our attention and many forms of home entertainment now than before. Even TV isn't just TV anymore, before if you had Sky you are spoilt for choice, now you can top up with Netflix, Prime video, Hulu, and then if you want you can watch YouTube. Plus we are now grown up our hobbies also grew up, I quite enjoy cooking or making a a good cup of coffee so there is time invested in those too.
Gaming being the sole spare time activity is long gone for me.