That's true.
I've often said that movies were better when they were financed by studios and producers, and sometimes the mob.
There were hits and a lot of misses, but there was a lot of creativity.
After costs spiraled out of control and the banks got involved in financing, every proposed production went into a spreadsheet, and everything became about whether the movie had enough star power, edit: or had a popular IP, or was a sequel.
Controversial topics, and experimental new ground are considered too risky for the bank's money.