No, it's not all negative. But back in the day, only serious and/or talented people had the opportunity to record and/or release stuff. Back when labels mattered and recording studios were actual places, a band/artist had to have their shit together to record their music. It took money, time, talent, drive, etc. It was a serious undertaking for serious people. There was more exclusivity. Not anyone would fork over the money to waste time in a recording studio. Did that leave some hidden gems out? Probably quite a few. But we weren't inundated with poorly done crap either. I personally don't see it as a good thing that literally anyone can get their crap "out there" without any skill, technique, or personal investment. All it's done is made it even more difficult for the actual deserving, talented people that can benefit from the new ease of recording.
Maybe that's elitist, and I don't like it, but ultimately I guess that's just how I feel. I've unfortunately heard enough home-brewed garbage to have formed that opinion on my own.