Mid 90s wasn't bad at all, but there were two camps competing for the mainstream, and one of those camps was awful. The other camp was pretty awesome. Bands like Presidents of the US, Toadies (Do you want to die!!?"...how can you not love that part?), Green Day, Offspring, Eels, Dinosaur Jr, Modest Mouse, Weezer, Spacehog, Rage Against the Machine...I thought all that stuff was great. Bush isn't that level, but they had a few cool songs (Machinehead, glycerine) and weren't completely awful. I'd say bush were in between.
Then there was the bad stuff like mentioned...Hootie, Tool, Matchbox20, etc. The bad stuff won out and we wound up with Creed, Nickleback, and pansy country infused stuff.
And I agree with Greg that "indie" is totally pansy now. I don't know what happened, but people post things in the mix clinic they call indie, and it's not what I associate with that word at all. I think of lo-fi stuff with attitude. Even if it was mellow it used to have attitude at least. The "indie" now is really pansy and mellow and sterile with no attitude, energy, or anything. I think Fleet Foxes is kinda responsible for that, and home recording to a degree... that everyone thinks they can produce sensitive tunes or EDM to get chicks and the higher audio quality takes out a lot of "it" factor.