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Well, short answer is no.
The reason music was this good in the early 70s was due to the fallout from the Beatles. The Beatles raised the bar so damn high. Songwriters and musicians were working under the philosophy of "we've got to try to make music at least as good as the Beatles, if not better." This resulted in the incredible music from that era, from not only Traffic but many, many bands. This bar slowly diminished over time, to the point we're at now, where the bar is essentially laying on the ground.
But in defense of modern music, Justin Beiber can say "baby baby baby", for what that's worth.
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