I want to know why FM sounds so bad now. Loudness wars or other bad mastering? Broken (or low quality) equipment? Crowded spectrum? Neighboring HD signals? Poo

I want to know why FM sounds so bad now. Loudness wars or other bad mastering? Broken (or low quality) equipment? Crowded spectrum? Neighboring HD signals? Poor line of sight? Echoes? Interference from other electronics? Low-quality receivers? Lossy compression? Weak signals? Bad/cheap DSP?