I'd say that games are mostly better now.
I used to rent most of my games during the NES/SNES/PS1/PS2 eras because they were so expensive. People like to pretend otherwise but there was a high percentage of garbage games on all those systems. Licensed games and knock-off mascot games were the worst. Back then, you were mostly picking stuff up without knowing anything about it, so it was easy to sell bad games with good marketing.
Also, a lot of games used ratty conventions. Many of them had low amounts of overall content and would mask that by making you die a lot and thus repeating entire sections. One of the worst tactics of all, where you basically had to die to see how to win, was also used a lot. There are a lot of things about gaming that I'm glad have faded away.
Other than that, I guess it kind of depends on genre:
Platforming? I don't know and don't care.
FPP games? They've absolutely improved for the better. Technology advancing has been a real boon for FPP. Corridor shooters haven't aged well.
RPG games? Personally, I like turn based, so I'm not very enthused about "action" rpgs. That's a personal preference, though, so I won't say they're worse.
Racing games? Better, though they've reach a point where improvement is minimal.
Sports? Don't know and don't care.
Quite honestly, there ratio of good-to-bad is much better now among professionally developed games. There is an absolute ton of bad indie content but the best indie games can be simply incredible.