We had the same argument yesterday in the thread, "Ask HN: When did tech stop being cool?" People responded the same, "It didn't, you're just old," and cited examples of cool technology. But in my opinion, the answer was the same: it's not that it stopped, but the volume has dropped. I think we could look at data of innovative startups and technologies and see the drop off -- not in terms of lack of existence but in terms of sheer volume of activity.
By the way, your examples are funny to me because, while I like both Wet Leg and Billie Eilish, to me the former is really fun but it's Billie who is doing something innovative, with a sort of ASMR vibe. Try "Everything I Wanted", "Billie Bossa Nova", "You Should See Me In a Crown" and "Ilomilo." Use high quality headphones or speakers at loud volume. There's something there.