ETA: last thought. All the new AM/FM/SW receivers are DSP. Takes all the joy out of scanning the dial, looking for new stations.
DSP is fine, just depends on the radio used. DSP cuts out static better than analog IF chip radios. They're starting to sound good, too. My Sangean PR-D4W works as well as my Superadio and sounds just as good, and it's easy enough to tune on the AM band at night.
That said, I hear plenty of varied programming at night on the AM band, from Classic hits, to oldies, to classic R&B, to Classic Country, to South Asian movie music and Sikh prayer chants / singing. FM radio as a whole isn't much different from what it was in the 1980s, when it was still 5-6 formats and lots of commercials. The dominant music has obviously changed. I haven't listened to FM since the local AAA/Alternative station flipped to current country. I just don't find a lot of the current music all that fun to listen to, and the local rockers play the same stuff I heard 30 years ago, with banal afternoon talk shows they repeat overnight. There really is no compelling reason to listen to FM.
The local FM classical station has a couple HD channels that are good, but who knows how long they will last? The local FM rocker had a metal HD2 that was excellent and they pulled the plug on it 2 years ago.
The problem with SW is that it is indeed dying, both the broadcast side and the ham radio side. The HF ham bands are mostly empty, even if propagation is favorable, when compared to 12 years ago or 22 years ago. Even when prop is up, 20 meters has swaths where there aren't any QSO's, and that wouldn't have been the case in 2012 or in the 1990's. Hams just aren't as active as they were in the past, unless it's FT8.
So for the SWL, there's less alternatives on the HF bands to tune to. Less SW stations, and less hams. It is discouraging. Where I live in the morning the SW band is active with Asian stations, but who knows how long that will last.
As for internet streaming, I get my music off YT. Yeah, there's commercials, but not as many as on the radio and at least the music I choose to listen to is good.
RE: Telecom '96: It slashed radio jobs, that's for sure. Homogenized the media. Might have saved some stations that would have otherwise gone off the air sooner (as part of a cluster, they could be used for cluster-wide commercial buys). The internet killed off radio more than Telecom '96, although Telecom '96 (and other consolidation -- like the consolidation in both the music and advertising industries) did its part to mess up radio as well.