That's not really true tho'. The skills of uploading a video to YouTube or making a website with PHP are insignificant compared to inventing TCP and wiring the entire planet with bandwidth. Could Gen Y bootstrap the Internet if it didn't already exist? That's an open question.
Right now, it's more profitable to build on the platform we grew up with than to think about reinventing it. Programming talent and intelligence haven't suddenly declined in my generation thanks to the Internet and PHP. There have always been crappy programmers -- they just use PHP instead of BASIC now.
We grew up with different tools, ideas and starting points though. To say we take the work of previous generations for granted is ridiculous. For one, it's a sweeping generalization. But what's more, it could be said about every other generation. The old saying about "standing on the shoulders of giants" rings true here. We're all building on the work of others.
Sure, there's nothing about your age that physically stops you from learning new tools or adapting to the world. If you can't adapt, it's your mindset that needs fixing.
Our world has been shaped from an early age by the Internet, and that will have profound effects on what we do with it from here on out.
To think that because you guys started this whole internet thing means there's no difficult work left to do? That's absurd.
My point still stands: every generation has incredibly difficult engineering challenges to overcome. Yes, it all builds on top of each generation, but there's no reason to denigrate the accomplishments of one generation or another.