I think the exact opposite. To me, music is so much better now than it was in the late '90s, but to each their own. I have no idea who Hinder is, and I assume Daughtry is the American Idol, right? But no one takes that very seriously. Bands like She Wants Revenge, White Lies, Joanna Newsom, Interpol, Arcade Fire, White Stripes, Of Montreal, Neko Case, the Decemberists, Mars Volta, the Kills, hell, even My Chemical Romance... these seem to eclipse most of what the mid-to-late '90s had to offer.
I'm not saying there weren't good underground bands in the late '90s, like Neutral Milk Hotel, Olivia Tremor Control, Stereolab, et al. There were some good mainstream albums too, like Soft Bulletin and OK Computer. But by and large, I just find today's music to be a lot more interesting than the late '90s. "Californication" was like the last straw for me. I felt like all the alternative bands that I was into in the '80s and '90s were about as interesting as Boston or Foreigner. Except, of course, U2 and Pop.