It's certainly true that IT has grown vastly since those good old days, but there has always been a proportion of people who're just... not that interested in what they're doing. For example I remember being mildly horrified in around 1998 that a colleague didn't know how to run his compiler from the command line; without an IDE he was lost - but I doubt he was the only one.
Meanwhile the idea that there's a dearth of cool new stuff seems quite quaint to me. There's a whole bunch of cool things that pop up almost daily right here on Hacker News². Just because they haven't spread to ubiquity doesn't mean they're not going to. Linux was not mainstream right out of Linus's Usenet announcement - that took time.
As to corporate power? They ebb and flow and eat each other (Data General, Compaq, DEC ... remember them? Remember when Microsoft was the major enemy? Or IBM?)
¹ https://en.wikipedia.org/wiki/Good_old_days
² Edit: Not to mention, there's also a whole bunch of crap that's not very interesting. But survivor bias means we'll have forgotten those in 20 years time when we're surveying this time period; as Sturgeon's law reminds us, "90 percent of everything is crap."