One thing I have noticed is how prevalent the hustle culture has become among Millennials. LinkedIn is a hotbed of narcissism, and Twitter has a ton of self-proclaimed business superstars who have made money by having companies entirely dependent on using foreign labor and providing shitty service for customers. It's quite appalling how often you hear fellow Millennials go on and on boasting about their own "successes" or try to sell themselves without an ounce of honesty.
The hustle of creating "passive income" means that we are going to see a lot of sociopaths becoming landlords and doing the bare-minimum for those who rent from them, and the quality of services will continue to decline across all companies as there is no value in providing a good service, merely making money. The decline of quality we have seen from the boomer generation onward (yes, that includes you, Generation X, you aren't exempt from being self-destructive narcissists like your parents and your children) is going to ramp up significantly.
Some people will say, "blame the system, not the person," but for god's sake, eventually someone has to stand up and refuse to operate as basically a scam artist. For as many supposed "leftists" there are among Millennials, they sure have no qualms about taking the worst aspects of human greed and using that as their core business model.
Am I over-exaggerating here?
Basically everything you described here are things my grandfather was doing or talking to his friends that were doing it a decade+ ago. And they are in their 80s. All of them certainly worked hard to reach a level of wealth and nepotism to get to that point, but the idea was very well known and underway for many of them.
So I think your only over-exaggeration is blaming the Millenials, which is probably because of a core difference between the generations. Which is millenials are boastful and don't like to keep shit to themselves, so they will loudly promote and share these ideas for accolades, while older generations from the "don't talk about your income" days will keep it to their close circle.