Here is why the MCU is in decline relative to the infinity saga in my opinion.
1. The main characters in the infinity saga were known despite being called b list. People at least heard of Iron Man, Hulk, Thor, and Captain America before. Also, just as importantly, we knew that they were the most important characters to the plot.
Compare this with today and it's difficult to see which character is driving the plot now. Will we see Moon Knight, the eternals, Black Knight, Shang chi again? How much longer will Hulk, Thor, Ant Man, Captain marvel, Spiderman, Doctor Strange, Star-Lord / guardians & Nick Fury play a part? They'll continue to be new characters like X-Men, fantastic four, Blade... And there's the whole Young avengers thing.
2. We knew what the objective for the good guys was. In every friend group there was someone who could explain that the avengers were a thing, and that these characters were going to combine in some way to fight a major threat. This created a level of anticipation for it happening, and a sense that each film was important
Today it's not clear what these characters are building towards aside from defeat the enemy in their solo stories. With so many characters, it's difficult to see what the thread is combining them, keep track of it all, and have a desire to be a completist watching all the stories.
3. We knew after several movies what the overarching plot was going to be. Basically, the infinity Stones were a thing and a villian named Thanos was going to collect them and threaten the world. Again this further created anticipation for it actually happening.
Compared with today it is not clear what exactly Kang wants to do and how all the characters will be impacted in each story. Kang has been killed twice now (I guess), so we're waiting for a better version of him. And now it's not even certain that Kang will even return at all. The Celestials seemed like they could be a sub threat, but they may just be forgotten and along with Eros and that plot. There's no Loki equivalent at the moment, to be the returning, secondary villain.
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