I think cars have gone the same way. Today's generation would say it's progress.. And I think they are even bought by different people. Today's ugly supercars are bought by footballers and Arab princes with way too much money and no taste. The real cognoscenti buy classic cars, and look at the way the prices of them have gone sky-high to reflect the demand for them..
I don't think it's that simple, in my opininon. Probably when Pininfarina showed his Cisitalia it became universally known as his masterpiece because the time was right for that. A pontoon design was already there. Even in the 30s there were such designs (without PF's grace and style of course) but when you compare the masterpieces of those years (like some coachbuilt French cars, a classic Auburn, some Alfa and dozens more) with those experiments (teardrop cars or streamlined cars), you register them as strange, interesting or original...but you can't call them nice or elegant.
Now, looking at a '34 Bendix, for example, we can see how it was ahead of its time and we look at it with a different eye.
I think this new design it's not just the result of a tastless new generation, but a signal of the change the object car is facing: we used to love, cuddle and respect our car, it's like a member of our family. Now it's like a TV or a washing machine and it has to scream out loud it's main character: if you look at these beasts you'll see speed, power, aggressive performances. I'm sure the Countach (or the Testarossa) had the same impact, but now that we saw also other wedge shaped cars, we assimilated the concept.
Don't forget we are now in the SUV craze...a vehicle that still has to explain (to me at least) its nature.