Don't know about anything wrong with modern bassists, there seem to be plenty of ace players around -
for example, what about the bass player with Bruno Mars (Jamareo Artis) ?
Saw him on the Brits last night - best playing I've seen for ages, with a great band too. (And he danced whilst doing it !)
Also caught Vintage Trouble live a few weeks ago, with superb playing from Rick Barrio Dill.