Is today’s contemporary music lacking?

Good songwriting (chord progressions, melodies and harmonies, and lyrics) may be found in the Americana genre. Americana is basically Pop music performed in "roots" style. A number of the songwriters responsible for your favorite songs from the 60’s and 70’s now live and work in Nashville.

Don’t look to most new/young artists for classic Pop songwriting. It is a craft rewiring too much hard work ;-) . However, there are exceptions. The problem is the good stuff isn’t usually offered on radio or TV, though I saw Billie Eilish on Jimmy Fallon Live last and dug the hell out of her.

I know exactly what you mean.  Its like the people that make movies are the ones that are making music.  Its pure overproduced crap.  I had given up for many years that all good music to be done had already been done.  Then, in the 90's when my son was in High School, he suggested some bands.  He then went onto college and did a talk show that talked about different bands.  Some of the ones that he turned me onto are Radiohead, Noah and the Whale, Grizzly Bear, Vampire Weekend, Avett Brothers, and so forth.  Noah and the Whale album, The First Day of Spring, was the first album I could recall sitting and listening to non-stop in long time.  Before that I believe Pink Floyd The Wall.  Its out there but you aren't going to find it on the radio. 

If by contemporary you mean what you hear on the radio or see on the television, the answer is an emphatic yes.

However, if one diligently seeks out lesser known artists, there is a wealth of good musicians/songwriters to be found. And I consider it a positive thing that they haven't been "discovered".

Just one example. Google The Cordovas. Take a listen to them and you will hear exactly what I'm talking about.  And I would bet dollars to donuts that you've never heard of them.

Oz

Is today's music lacking?

Depends on your personal taste and your sources for music.

I've viewed/read a good many interviews where songwriters point out the difficulty of coming up something that sounds fresh, at this point in history. This suggests that the task is indeed growing more challenging. 

I agree with bdp24-- I've encountered many highly-talented younger musicians and songwriters in the catch-all genre known as Americana. 
There are bountiful riches to be discovered in this genre, if you care to explore it.