No, I don't think so. And, to be even more controversial, I think it's exactly the opposite.
Even if the intellect in demand is being expressed differently, on the whole, people are a lot sharper today than in the previous decades; and we don't give them, or ourselves, nearly enough credit for it.
To demonstrate my point, I don't need to write very much, and I don't need to cite any studies. I'm just going to leave this in the back of your mind.
The next time you read, or hear something someone says, whether it's on social media, or in real-life, or wherever... Stop and think for a moment.
Could their reasons be wrong, but their intuition right?
I think you'll be surprised how on the money the average person is.