Billy Corgan was relevant for about three years. He hasn't gotten over it:
In an interview with the Guardian, Corgan noted that bands from the '90s aren't charting anymore and dismissed the idea that new bands are being influenced by artists of that era. "I don't hear that," Corgan said. "The mythology [of the '90s] right now is irrelevant to combat the menace in America right now."
The Smashing Pumpkins frontman added that the amount of money DJs are making is reflective of the state of modern music, which is predominately EDM-focused. "People can get rosy and sentimental about something, but if it can’t compete it doesn’t mean anything," he said. Meanwhile, EDM is kicking everybody's fucking ass. Look at the numbers the DJs are making! They're kicking rock bands' ass. And we're sitting here talking about an era from 20 years ago because it's misty in people's minds. Meanwhile, there's 60,000 people in a field watching a guy with lights behind him."
The only thing that has sold during the last twenty-odd years of delivering music to people has been pop and EDM and not much else. It's really hard to thrive or excel as a simple rock and roll act. A handful of people have done it, but if you subtract that small handful, what do you have?
If you have guitar, bass and drums with a singer, you have a band but you have no chance of selling anything to anyone unless you can dance or convince everyone you're a nostalgia trip. The major labels aren't going to push that stuff and playing live is rapidly becoming a dead end for bands that can't pull in more than 300 people a night. It's sad and frustrating.
Even then, forget it. There are no more great bands. They've been replaced by video game franchises and people who are trained to dance.