I have to say, I disagree with the notion that it's the kids' fault

From what I am seeing, there are plenty of young people who enjoy things like a good book, strategy game and other "sophisticated" activities.
I put the blame squarely on the guys in suits. For them, indeed, "Today everything has to be quick." They want to make a quick buck, and so they choose the quick and easy path: make a game with great graphics that will look good in the previews (those previews are not just meant to impress the public, but also the other suits in the industry), and cut corners and development costs where actual gameplay is involved. They know this will look good on their resume, so after two or three projects they can move on to something else. It's a phenomenon you see in all sectors, not just the games industry.
All that talk about "gearing the game toward the casual player" is rubbish corporate speak and they know it. It's all about maximum profit for minimum input. In the times when the market wasn't dominated yet by a handful of big developers/publishers, companies thrived on the reputation of their products. These days this has become unimportant: instead you generate quick cash so you can buy out your smaller competitors.
Darn it, I want a revolution