+ 1, you hit the nail on the head with adjectives: "monotony, simplistic and formulaic." Most of the so-called new music sounds like everyone involved was following some type of recipe. Poor songwriting is bad enough; but, there is a serious lack of stellar musicianship that could lift the poor songwriting above the level of mundane muzak or sonic wallpaper.
This is a complicated subject with no easy answers. Someone once said: "there is nothing new under the sun," which is another way of saying it's a copycat world that we live in. The thing that worries me the most about this subject is that I don't sense the kind of non-conformity by young musicians or listeners that is needed to shake things up and create something new or transcendent. I hope to be proven wrong on that one.