Well, I don't mind pulling off a Hadouken once in a while, but you've got a point about some of these combos.
There is a reason that console games have gotten worse. (There are plenty of good console games nowadays. It's just that there's a lot more bad games made.) The problem is analogous to the movie industry. Basically, video games have become Big Business. You've got marketers deciding what games are made, and they want generic games with "mass appeal", rather than something inventive (and therefore risky). Because the hardware abilities have gone up, more and more time and money is spent making the graphics look good. Now, people like you and me might not care much what the graphics look like, but there are a lot of people who would refuse to buy a game just because the graphics are on the Super Nintendo level, just like some people won't watch Casablanca just because it's black-and-white.
The more time is spent on graphics, the less is spent on making the game fun. As a programmer, I can tell you that 3D graphics take a lot more work than simple sprite graphics or text-only. And in 3D, you have to worry about camera issues (which most games do a poor job with) and so on.
However, this is not true of all games. Katamari Damacy for Playstation 2 is an excellent game, and you don't need to press any buttons. You move two joysticks. Nintendo is sort of the bright light of innovation in the industry. When they announced the DS, I thought they were insane, but it allowed them to create many fun, inventive games. Sony's PSP, meanwhile is a neat piece of hardware with very few good games. The Playstation and X-Box have some good games, but that's only because they have a lot more games. Percentage-wise, Nintendo has a great deal more winners. The Nintendo Revolution has me excited.