I'm with you and I while like this myth if there was a modern Velvet Underground, "living in the underground" somebody would be trying to make a buck off it. The Alan McGees of the world need fuel for the fire. The closest thing I can find as an, "industry expert" is Jesse Welles who's blown up on Instagram and YouTube.

https://www.youtube.com/watch?v=TPHafKOd9A4

If you want music like we had in the 20th century we need institutions, producers, entrepreneurs, a literate public, and a positive economic set. We need to pay musicians money to do their jobs. Music isn't a hobby. As the poet once said, "music is proof that there is more to the human than there seems."