IMO the stars are shining just as bright as ever. We have a top-5 all time player in Crosby, the future GOAT goal scorer in Ovechkin, and the best player of the three in McDavid, all at the same time. Makar is doing generational things that make us realize Karlsson was only semi-generational last year. Toronto currently has its biggest star in franchise history. So does Colorado, Tampa, Minnesota, Nashville, maybe New Jersey, and arguably a couple of other teams.
The problem now is that it’s spread over 32 teams when it used to be spread over 21. Back in the day, it was easy to name a star player on every team unless that team was just terrible. Now, there are decent teams where you really have to stop and think about it. Your average fan would struggle to name a player on St Louis or Seattle or Philly or Arizona. That’s not going to change by adding more teams, unfortunately.