Ah, that's kind of what I thought. That's the thing, though, each generation of game music had their own problems. You say that too many soundtracks are "movie-like" today, but there were other different problems with many soundtracks back in the NES era. They were not all catchy, high quality music...
I'll toss out a few examples of what I really enjoyed as of the "CD" generation that I believe go above and beyond what could possibly have been achieved during the older generations but also remain unique and interesting. "Movie like" isn't how any of these could be described...
Katamari Damashii, Jet Set Radio, Breath of Fire V - Dragon Quarter, Beyond Good & Evil, Star Ocean 3, REZ, Silent Hill series in general, Soukaigi, Baroque, AZEL - Panzer Saga, Evil Twin, Gitarooman, Gungrave, Berserk, Napple Tale, Unlimited SaGa, Hitman Contracts, ICO, Klonoa 2 (especially the Wahoo Stomp), PSO, Ridge Racer Type-4, Shadow Hearts 2, Voodoo Vince, Guily Gear XX, Crimson Sea, Drakengard, Contra SS, Halo, Ecco the Dolphin CD through DotF, etc. etc. etc.
How many of these have you listened to? I mean, really listened to? There is such a wide range of expressions to be found within those titles. When someone lists NES music, on the other hand, you'll find some SERIOUSLY catchy tunes in there...but they can only achieve so much. They stand out due to composition...but those soundtracks above can stand out due to composition, arrangement, and a variety of other factors. I just feel that you can achieve so much more with today's options, but it takes plenty of talent to achieve that...just as it did during the olden days.
So, really, game music has not degraded. It has changed, but just as there was crap 15 years ago...there is also crap today. It's up to you to seek out the cream of the crop.
I will also say that being "movie like" hardly means that the music within is actually generic. There are plenty of high quality movie-like scores available today that certainly don't come off as generic. If anything, it's yet another genre that wasn't entirely possible in the olden days. It can be over-used, of course...