It's really sad that most modern pop music doesn't even have a real drummer in it. Think of the 80s when we had Phil Collins doing great pop with innovative drumming. That seems to be all but gone in mainstream music.
I have watched interviews with Collins and when asked about how he and his music were EVERYWHERE during that time, he often says "I get it- I was sick of me". OTOH, it was nice seeing one of our locals going along for that ride as a member of Collin's band/Genesis and as a co-writer with Collins.
With comments about music having zero cost by A-holes like the head of Spotify, why would anyone at the top of the music-writing and performing spectrum want to bother? There's no such thing as record sales as it existed in the past, touring is prohibitively expensive (look at ticket prices without 'convenience charges' and the music of the era you referred to was written by people, not AI. People had to gig for years to develop a fan base, not put videos on FB, YouTube and other social media outlets, with someone becoming famous while sitting on their ass at home.
If you know anyone in small bands, ask how many times a club owner told them "I can't pay you (much), but it will be good exposure".
That said, someone can make a good amount of money, but they have to work hard. I know someone who's pushing 60 and he has never played as often or toured as extensively as he is now. He developed a solid local/regional following in the '90s, then met people who worked for Fender Musical Instruments and other manufacturers- his version of 'Cause We've Ended As Lovers' was used for years by Fender when they put callers on hold. He did clinics for many brands around the US, Europe, Australia and Asia, makes a lot of YouTube videos and has written guitar instruction books for the largest music publisher on the planet and when asked how he was able to reach this level, his answer is "When they asked, I said Yes". He has signature models of guitars, pickups, effects and had amplifier models with his name, built to the way he would want, has manufacturer sponsors, still writes the instruction books and one of the best things- his son plays drums in his band and has for years. He'll be doing some gigs with the Allman-Betts Family Revival band and recently signed a deal with Devon Allman's label (Greg Allman's son).
Watch YouTube videos of the pre-2000 major music writers/players/stars and most say the same things- they can't do it the way they used to from the business side, but they're also in their 70s and into their 80s. The age doesn't seem to stop them from doing it, though- David Gilmour is touring, Townsend & Daltry, the Stones and others are still at it. At 79, I have to think Townsend thinks about his "Hope I die before I get old" line from 'My Generation' on a regular basis.