It's always been like this. There's always been awful, manufactured music and there's always been one hit wonders that didn't really deserve any kind of recognition. The only difference is that now instead of having to convince someone that you're good you just put it on youtube. I just listen, make fun of it with everybody else and move on.
On the other side, being able to put anything on the internet has led to some absolutely amazing music by truly gifted musicians which never would have made it back in the 70s, 80s or 90s. I'm happy to take the Rebecca Blacks of the world if that's the side effect of giving real musicians a chance to get their music heard.