Movies were never about meritocracy, but somehow every now and then through competition or the stars aligning, something good came out of it.

The formula was changed, forcefully. It's very openly not about 'good' anymore, since that would be oppressive, racist and sexist. 'good' is also expensive.

Enjoy the culture that was. We will never reach the same heights. It will all die off now, deservedly. The people responsible will blame the originators of 'good', turning their shame of the comparison not into growth, as mentally well people would, but digging their heels in even further, as they have always done since, oh, let's say 1867.