I agree with almost everything that you said, and would bring it even further.
I wouldn't even say that "Yes it's all commercialised". If anything, I bet you there are multiple orders of magnitude more fun, silly, webring-like content than there were before the web exploded in popularity - they're just not visible to the average person, and are outnumbered by orders of magnitude more junk and commercial content.
And you know what? That's totally expected. The web was great originally because only a small cadre of people of above-average and technical skill used it. When all of the rest of the humans joined, the usual stuff that you would expect happened - commercialization, low-quality content, passive consumption instead of active participation, etc. But that's what happens when everyone joins.
There's also nothing preventing you from siloing off your own section of the internet where you only let certain people in! Hacker News already heavily curates content, and there are places like Lobste.rs where you can only be invited by an existing member. Don't complain that "the internet" has gotten worse, because "the internet" is just a communication technology, and it's gone from "limited access to a few elite" to "almost unlimited access to almost all humans"...and humans are kind of bad.
Also, now that everyone's on the internet, the best content has also gotten significantly better. So there's that.
If you're not liking the state of the web, you're either not looking in the right places (stop browsing YouTube and start looking for webrings and joining IRC channels), or you're complaining that the average internet user isn't as good as they used to be, which is dumb.