There definitely is a change in Silicon Valley from before. I don't think it is a lack of things to be created by any means. The difference I see is that before the thing to do was create startup. Now everyone wants to go work for Google, Apple, Facebook or another large company. And why not, you can get a huge salary there without the risk and hard work of a startup. With so many more of the smart people are going to big companies rather than trying to make something on there own, I definitely expect less innovation here in the US, for now at least.
On the positive side, there are some things a big company can do that a small company can't. This may contribute to why so many people are going to work at big companies, and we may see some good results.
The weirdos and hackers are still doing the same stuff they've always done. What you are seeing is the influx of people who would have gone into law or finance identifying tech as having the biggest payoff for the least amount of effort. The Silicon Valley of before was a small fraction of its current size.
On the positive side, there are some things a big company can do that a small company can't. This may contribute to why so many people are going to work at big companies, and we may see some good results.