This time, unfortunately, is extremely idealized. Nowadays there is a lot of interesting music, if you do not set yourself the framework of 40 years ago. Perhaps even more than then. Do not do unnecessary escapism, do useful escapism, because music is an escape from reality in any case.
In terms of public freedoms and the legalization of soft drugs, of course, everything will repeat itself, another question is how soon. The development of the "hippie lifestyle" in many respects and was choked due to the growing up of the movement's participants, but not without the influence of the emerging AIDS and HIV. Naturally, the era of sexual freedom is followed by an era of certain Puritanism. (For comparison, sexual culture of the 18th and 19th centuries). But I don’t think what is happening with the youth culture now is so fundamentally different from that era.
I don’t know the age of the people taking part in the discussion, but I think it’s unlikely that many here in the 70s were conscious enough age to be a part of this culture, which means that everything that happened then we perceive through the prism of the mythologization of that period: musical biographies, films, etc. But if you read them carefully, the general level of Puritanism was about the same. Most of the young people listened to commercial music and led a completely traditional lifestyle. Another thing is that in a few decades a movie was not made about them, so the average person gets the impression of a magical "other" world.
In fact, something just as incredible happened every decade in different parts of the earth. Manchester at the turn of the 70s-80s, West Berlin in the 80s, America at the time of the birth of grunge (these are the first examples that came to my mind). Each of these epochs is equally significant in the history of underground culture, another question is that due to the Iron Curtain, some cultural layers were ardently loved by the inhabitants of the territory of the former USSR, while others remained completely unknown to anyone.
From It is not difficult to guess from the above that its branches of the most interesting protest culture are developing even now, another question is that in a local information vacuum it is easy not even to guess about its existence.
Speaking of music. A lot of interesting things are happening now, another question is that the field of experiments has largely left the guitar space and has gone into the fields of electronics. Although even in guitar music a lot of interesting things are happening now. It is enough to listen to the latest records of Tame Impala or Grimes.
To summarize, do not worry, an incredible amount of everything magical and interesting is happening around, even now, you just need to get out of your comfort zone