We live in an age of institutional decline and it is severe. You see this in (trade) publishing. Your publisher no longer builds your reputation; the publisher has pushed that responsibility unto the author. The ones who already have the personal resources necessary to market their books get further validation and credibility; the ones who don't will go unheard. Academia's the same way: universities no longer provide funding for people of excellence; rather, they have put the onus of funding on the professors themselves--you'll get more funding (and published in better places) on account of using their name, and for that they take a cut. The relationship has inverted; rather than nurturing emerging talent, these institutions are nurtured by emerging talent, and this vampirism is sustainable because those talented people have no other choice insofar as all the other institutions are failing at approximately the same right.
Consequently, we have widespread duplicated effort, channel-flooding due to metrics-gaming (gotta get that h-index into the three digits before tenure time) and a corporatized, mediocre culture in which agreeability (negatively correlated with excellence and conscientiousness) matters far too much and salesmen run the day.
Historically, there were nations of priests and nations of warriors and nations of farmers. We've become a nation of sellers; but we no longer have much to sell but our own talk.
I don't know, for sure, how to solve this. Anyone who pays attention can see that capitalism (which invariably becomes corporate capitalism) is a dead end at a 21st-century technology level... but of course the eradication of capital is merely a necessary, not a sufficient, condition for scientific excellence. Going socialist is mandatory if we want to fix this, but alone does not guarantee much--there are a lot of cultural changes that probably need to happen before we can build healthy institutions again.