Receivers are alive and well over here in the USA, personally I love the look of big vintage units.
We have several very good stations up here in the Midwest but yea, 1996's deregulation killed competition and as far as I'm concerned, new rock music. A youtuber commentator just posted this story, again, but I think there's more when you tie in our government purposely trying to kill rock music coming out of the 80's when PMRC kind of failed so they rewrote how many points each play got, 2-points for urban stations, 1-point for Midwest. With rap dominating the cities, the extra point pushed it to the top of the charts and deregulation kept out competition.
Professor of Rock also stated that doing his weekend syndicated radio show, he can only play something like 100 classic rock songs which is crazy, our local classic rock started tossing in some 80's guitar driven alternative music last year which helps but unless it's an indie station, deep cuts are rare. It makes it hard to listen to the same three AC/DC, Journey and Van Halen songs over and over. I know the pop-tart stations have always had a very limited play-list but at least they were pumping out new music every week.
I think FM could be revitalized but you'd have to break it up and get more competition.