It's not rose tinted glasses; older game music was better.
The combination of more personal touches - usually one guy, or a small group, working with a small dev studio of four to thirty people - and the limitations at the time requiring the composers to get creative in order to make the music as distinct and memorable as possible resulted in much better music than today, where they're being made for large studios owned by corporations and have access to all manners of instrumentation with no technical limitations.
Limitations are vital to creativity. Only a handful of people in any creative field actually make good use of no limits; most need limits to produce anything worthwhile.
You need boundaries to focus the mind. Without them, the effort put in greatly diminishes.
I also think that older games were forced to have a clearer melody. I can remember most tracks from FFVII extremely well, but anything from the remake that isn't based on the original tracks I have a vague sense of if I remember it at all.
Like visual designs, most music gets way too overdesigned. Too much going on without the experience to control the effect. This is a really weird reference, but in the late 1800s to early 1900s, the big trend was to write Church Hymns. There was somewhere in excess of 100k *published* by 1920. Only a couple hundred were good enough to survive into the post-WW2 era. It was this massive media environment that is almost completely lost to time now. We're simply seeing the same thing play out. Every game needs music, so there's too much music to be made. It's very hard to be memorable because all of the genres have defined instruments & soundscapes.