100% it is. there is a whole mix of why innovation and creativity are lacking in tech today. The industry has matured, so the code written is cleaner, safer, and in most cases more organized. Projects are done in a more methodical way with less try something until you make it work experimentation. Companies have more people at management levels who understand the structured process of software development, even if they do not know how to code. This allows them to put in more requirements for reporting and monitoring the process and more oversight of unstructured process development. Most of the people working as coders are more professional than they used to be. They spend their time writing good proposals, better documentation, good pull requests, unit tests, e2e tests, structured design documents etc. This time spent on bookkeeping is not being spent on experimentation.

Lack of profit motive (mostly). Sadly gone are the days of making a killer app and getting fame and fortune. So it is harder to justify spending years of all your free time to build something new.

Through the early 2000's most people entering the IT fields did so for paychecks. There are far fewer pure geeks (as a percentage) than there used to be. My first job out of college as a programmer paid about a dollar an hour over minimum wage. I did not go into this field to compete with the finance bro's financially. I went for the love of technology. That changed so more people started doing this as a job not a lifestyle. These people are not nearly as interested in the experimentation that leads to new innovations.