That, and I think that a lot of the time it's also the ability of the artists.
Let me explain that last: If you're really good at music, if that's the thing you seem to have been put on Earth to do, then you're probably going to want to do it full-time and make your living at it. Now in 1970, if you were Tony Banks and sounded like Tony Banks, you could do exactly that - you could play in a band who made albums that sounded like Foxtrot, and write songs that sounded like "Supper's Ready", and eventually get to the point of earning a pretty decent living at it. Nowadays, you can't. If you want to make music for a living, you have to do something else - movie scores, or video-game scores, or hip-hop/pop/R&B songwriting/production. Or play as a sideman. Or sort-of do music as a profession by teaching. Or give up the dream of making your passion also be your job, and do it as a hobby.
But I think that the biggest talents, the guys who would have been today's Fripp, Emerson, Squire et al, are mostly doing something else, some other type of music. Because that's what can pay the bills, and progressive music - or at any rate, anything we'd recognize as our kind of progressive music - doesn't. And so what you hear these days is mostly hobby bands, and their writing ability just isn't on the same level.
I'm not sure it's my favorite of all time, although it's certainly up there. But think about this: Mei is two or three times as long as almost every Seventies epic.
And the difficulty of writing an epic increases with the length, because the songwriting skills a rock musician has, even prog songwriting skills, become increasingly not equal to the task. Up to 10, 15, maybe 17 minutes you can use a sort of vastly expanded AABA pop-song structure, as Yes did for "Close to the Edge". You can always use a suite or song-cycle form, of a half-dozen songs run together with maybe a couple of recapitulations, as in "Supper's Ready". But beyond that, the structural challenges start to add up, and to really make something that long work, you have to know significantly more about formal composition than even most of the best prog musicians do.
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