The problem is cost. Most JRPGs back in the PSX era actually had very detailed worlds. There were lots of side stories and you learn a lot just by talking to NPCs. The problem with JRPGs now is that it takes a lot of time and money to make a world like that. Most development houses in Japan just don't have that kind of money to throw around so instead you get those dungeon crawlers with portrait cut scenes instead of actual cut scenes. The development studio that does (Square-Enix) have completely mismanaged themselves into NOT having that kind of money anymore. When you cut out Square's RPGs out of the equation you're not really left with much. Therein lies the problem; Square sucks and they made the most. There just hasn't been any developer who can fill in Square's holes.
Edit: To sum up, JRPGs are NOT being made the way they were. They're being made very cheaply and the company that could afford to make them like they used to mismanaged themselves to the brink of brankruptcy (again).
