I don't think it's possible to cite a single movie as "the last classic Hollywood type movie" where its focus was entertainment and had movie magic feel to it, but I do think you could make a general list.
Some I'd throw out there for me are Mask of Zorro (1998), the Transporter (2002), the first two Harry Potter films.
What about you guy's. What's your personal list of movies that were sort of the last of that era where movies felt like movies and had something special to them?
Depends if you classify moody character dramas as 'classic Hollywood', but since I'm a Coens fan I do, so 2007 was a good year with No Country For Old Men, The Assassination of Jesse James and There Will Be Blood. Can't think of much I've liked after that... maybe The Dark Knight in 2008? That qualifies as pretty classic Hollywood I think. Funny enough the iPhone was released around then so it was also the turning point where the internet died... lot of good things came to an end right around then.
I've enjoyed some directors like Eggers and S Craig Zahler in the years since, but they're pretty oddball, hard to call them classic Hollywood.
There are always some good movies released in a year, but analyzing the greater trends - and the top grossing or award winning movies - shows how dire it is. The signal to noise ratio is the worst it has ever been. Partly propagandists are to blame, but I think all forms of art have seen the same decline since digital made them accessible to the masses
Though now that I check my reviews, there are not many films at all from the last decade that I have rated well. Zahler and Brandon Cronenberg are the only high budget ones since Hacksaw Ridge.