Yes, that the current trend in the western world. Money is all that matters. There's only lowest accepted quality. Anything above that is a waste of money, profits that are lost. Nobody wants masterpieces. There is no market for that.
That lowest-accepted quality also declines over time, as generations after generations of people become used to rock-bottom quality. In the end, there's only slop and AI will make the cheapest slop ever. Welcome to a brave new world. We don't even need people anymore. They're too expensive.
To be fair, we've already been through this cycle at least once with animation. The difference between early Disney or even Looney Tunes and (say) late '60s Hanna-Barbera or '80s He-Man is enormous. Since then there has been generally higher-quality animation rather than lower (though I know it varies a lot by country, genre etc.)
It's not inevitable that it's a race to the cheapest and shittest. That's just one (fairly strong) commercial force amongst many.
I don't think that's true at all. There might be (and probably are) tens of thousands of artists creating masterful artwork at home.
But you're talking about PAID artwork, and yes: when it comes to paid art, money does matter.
You can't expect artists to completely ignore financial incentives, and at the same time expect the creative industry to just throw lots of money at these artists. That's just not how (capitalist) businesses work.
The world absolutely does care for super high quality artwork. But very few people are willing to pay $2000 for a movie ticket when they could also go to 100 $20 movies.
On top of that: who gets to decide what is high quality, anyway? The creative world is fraught with corruption, elitism and "who knows who", making it very unlikely that a highly talented artist is ever even "discovered".
It's a lot more complicated then just "money is all that matters".
And finally: I don't think this "trend" is just in the western world. Show me a place in the world where artists are rewarded based on purely the quality of their work, rather than the profitability of their work.