I can remember different stages of Hip Hop when people considered it at an "all time low". You guys may not remember but around 92/93 people, myself included, were saying Hip Hop was at an all time low. KRS, Rakim, Public Enemy, Big Daddy kane, etc. Pretty much all of the hot Golden Era MCs from 87-91 had pretty much fallen off. Somehow the West took over with a G-Funk sound that sounded unfamiliar to our ears. We didn't really give the guys on the West props for their skills on the mic (guys like Coolio or Warren G).
I mean, if you look at who was poppin in that era, there were alot of groups that had hot singles (Pete Rock & CL Smooth, Naughty By Nature, Main Source) but as a whole, the entire East Coast was lacking a movement. But things changed in late 93 when Midnight Marauders and Enter the Wu 36 Chambers were released on the same day.
Then, around 97/98 people said Hip Hop was at an all time low because of the big corporations that were pushing entire labels like Bad Boy and No limit and many Hip Hoppers said that it wasn't real Hip Hop and they were just rapping about Bentleys and had half naked girls in the videos but the rappers didn't have any skills.
So yeah, every few years or so it looks like Hip Hop is at an "all time low" but inevitably somebody reaches up their sleeve and comes with something new and different.